"To be part of any Leicester Tigers team was always a great privilege and honour, and to be voted into the Walk of Legends XV gives you a nice feeling, especially as you feel it is unlikely that people could remember that far back," said Wheeler, now the club's chief executive.
"I feel proud to be associated with legendary figures of the past and the great players of the present. There is a great sense of history and tradition built up over more than 125 years at this club."
Wheeler made 349 appearances for Leicester from his debut in 1969. He captained Tigers in three successive cup-winning years and scored 589 points for the club, including 66 tries, 61 conversions and 69 penalties.
Rory, dodge hare and clive healey rowntree
He famously led the Midlands, gained 41 caps for England - including the captaincy in 1983/84 - and played in seven Tests on two Lions tours.
Wheeler becomes the seventh Lion to be included in the Tigers' Walk of Legends. He joins Graham Rowntree, Dusty Hare, Rory Underwood, Sir Clive Woodward, Paul Dodge, John Duggan, Bleddyn Jones and Austin Healey and Graham Rowntree.