"To be elected into the Baseball Hall of Fame upon his first year of eligibility speaks volumes regarding Pedro's outstanding career, and is a testament to the respect and admiration so many in baseball have for him," Red Sox principal owner John Henry said in a statement.
"And baseball fans admire Pedro for more than his remarkable career accomplishments. His dynamic personality, love for the game, his fearlessness coupled with humility, his passionate, competitive spirit, and his ability to squeeze every ounce of talent out of a small frame were reasons so many fans connected with him. For me, personally, he was one of the most incredible pitchers I've had the privilege of watching, and one of the reasons our ownership group arrived here in 2002. We very much look forward to honoring Pedro's remarkable career this July."
The July 28 ceremony will take place before the Red Sox-White Sox game. Martinez will be the ninth player to have his number retired from Red Sox lore, joining Bobby Doerr's No. 1, Joe Cronin's No. 4, Johnny Pesky's No. 6, Carl Yastrzemski's No 8, Ted Williams' No. 9, Jim Rice's No. 14, Carlton Fisk's No. 27 and Jackie Robinson's No. 42, which is retired throughout Major League Baseball.
"I think it's great, man," Red Sox designated hitter David Ortiz said at his Children's Fund Gala on Monday evening. "Pedro brought so many memories. Everybody got to enjoy Pedro as long as he played here. I got to enjoy him and I played here a few years later. I think what Pedro did and keeps doing for this organization is something that is super special."
Martinez, a three-time Cy Young Award winner and eight-time All-Star, spent seven seasons with the Red Sox from 1998-2004, going 117-37 with a 2.52 ERA. He was instrumental in Boston's '04 World Series run.
Joey Nowak is a reporter for MLB.com. Follow him on Twitter at @joeynowak. This story was not subject to the approval of Major League Baseball or its clubs.