Earlier today, Dave Meltzer at WrestlingObserver.com reported that should Hulk Hogan be taking part in Wrestlemania 21 at all — as a wrestler and/or as a Hall of Fame inductee — an announcement is expected within the next week.
UPDATE: At about 9:30 p.m. EST on RAW, J.R. and The King announced that Hulk Hogan HAS been added to the WWE Hall of Fame induction class of 2005! He will join Jimmy Hart, Paul Orndorff, Roddy Piper, Iron Shiek and Nikolai Volkoff at the induction ceremony on the day before Wrestlemania 21. No word on the extent of the Hall of Famers’ participation in the actual event.