Delk, a sweet-shooting guard who was named Most Outstanding Player of the 1996 Final Four after leading the Wildcats to wins over UMass and Syracuse, will be honored on Saturday, Feb. 21, prior to the Wildcats' game against Auburn.
His distinctive "Double-O" jersey will be the first new player added since Jamal Mashburn.
The Tennessee native earned first-team All-American honors as a senior in 1996, leading UK in scoring for a third consecutive season. He scored 24 points, including seven 3-pointers, and grabbed seven rebounds in the Cats' 76-67 national championship victory over Syracuse.
Delk remains UK's all-time leader in 3-pointers made (283) while ranking second in career steals (201) and fifth in scoring (1,890). Only Dan Issel, Kenny Walker, Jack Givens and Keith Bogans have scored more points with the Wildcats.
Kentucky posted a 119-18 record and made two Final Four appearances during Delk's time with the Cats.
Following his collegiate career, Delk played 10 years in the NBA with the Hornets, Warriors, Kings, Suns, Celtics, Mavericks, Hawks and Pistons.
Kentucky will also honor former gymnastics All-American Jenny Hansen, who won three all-around championships from 1993-95, in a ceremony on Feb. 20 prior to the UK gymnastics meet with Arkansas. Delk and Hansen had been elected to the UK Athletics Hall of Fame in 2008 and 2006, respectively. They were elected for jersey retirement this year by a Hall of Fame subcommittee comprised of media, Hall of Fame representatives and athletics staff.
In order to receive the honor, UK requires an athlete to first be voted into the school's Hall of Fame. That requires a five-year waiting period after the end of the athlete's career, plus an additional five-year waiting period after the Hall of Fame induction to be eligible for jersey retirement.