Kidd represented the Nets, formerly based in New Jersey, for seven years from 2001, and the 40-year-old admits that he is grateful for the franchise's gesture.
"This is a very humbling honor and one that I will always cherish," Kidd said in a statement. "There can be no greater recognition of an athlete's time with any team than to have his number retired, and this gesture by the Nets organization validates a very significant portion of my career that was spent as a player with this franchise."
Kidd becomes only the sixth player in the franchise's history to have his number retired.
The ceremony will take place on October 17 before the Nets face the Miami Heat in a pre-season game at the Barclays Center.