Malone, who played all but one of his 19 NBA seasons in Utah, will be the seventh member of the Jazz to be honored with a retired number and the first since John Stockton's No. 12 last spring.
The pick-and-roll combination of Stockton-to-Malone will be on display permanently outside the arena with two bronze statues. The bronze statue of Stockton was put in last March, next to an empty pedestal already in place for Malone.
Jazz owner Larry Miller announced the date of Malone's ceremony after the first quarter of Utah's game against San Antonio on Monday.
Malone scored 36,928 points in 18 seasons with the Jazz and one with the Lakers before retiring last February.