The announcement will take place at a 4 p.m. ET news conference Wednesday in the team meeting room of Broncos headquarters in Englewood, Colo.
Elam played with the Broncos from 1993 to 2007 -- tied with Tom Nalen for the second-most seasons in team history behind John Elway -- and shares the NFL record with Tom Dempsey for the longest field goal. Elam tied the record with a 63-yard field goal on Oct. 28, 1998.
Elam stands in fifth place in NFL history in most points scored and most field goals made, and he holds the league record with 16 consecutive seasons of 100 or more points.
"When it's all said and done, he will be remembered as one of the greatest Broncos and a player whose career achievements redefined the importance of his position," Broncos president and CEO Pat Bowlen said in a statement released by the team Tuesday. "Without question, he is a Ring of Famer who deserves strong consideration for induction into the Pro Football Hall of Fame."