Canadian legend Gordon Lightfoot will be one of this year's inductees in the New York-based Songwriters Hall of Fame.

The 73-year-old folksinger is known around the world for hits such The Wreck of the Edmund Fitzgerald, Early Morning Rain, Sundown and If You Could Read My Mind.

American rock icon Bob Seger will be among Lightfoot's fellow inductees honoured at this year's gala, slated for June 14 in New York.

"Each of our 2012 inductees has created a unique range of extraordinary contributions, a body of work that has resonated with audiences around the world, and greatly enriched our global culture," chairman Jimmy Webb said in a statement on Tuesday. "We are looking forward to celebrating their craft and careers at our annual awards gala."