With Derek Jeter expected to be the last player to wear No. 2 for the Yankees, the team will not have another player or manager don a number from 1 through 10. Jeter, the Yankees' captain since 2003, said in February this is his final season.
In his 12 seasons as Yankees manager, Torre led the team to six American League pennants and World Series titles in 1996 and from 1998 to 2000. He will become the third Yankees manager to have his number retired, joining Billy Martin and Casey Stengel.
"I am incredibly humbled," Torre said in a statement. "The Hall of Fame became possible for me because of what our players accomplished in 12 memorable years representing this historic franchise together. I hope that No. 6 will stand for everything that our players achieved."
Torre will become the 18th player or manager in team history to have his number retired. (No. 8 is retired twice, in honor of Yogi Berra and Bill Dickey.) The ceremony for Torre will take place on Aug. 23 at Yankee Stadium.
On July 27, Torre, who is MLB's executive vice president for baseball operations, will be inducted into the Hall of Fame.
His number will join those of Martin (1), Babe Ruth (3), Lou Gehrig (4), Joe DiMaggio (5), Mickey Mantle (7), Berra and Dickey (8), Roger Maris (9), Phil Rizzuto (10), Thurman Munson (15), Whitey Ford (16), Don Mattingly (23), Elston Howard (32), Stengel (37), Mariano Rivera (42), Reggie Jackson (44) and Ron Guidry (49).
Along with his number being retired, Torre will be honored with a plaque in Monument Park, as will two of the players who helped him win those championships. The Yankees will celebrate Tino Martinez's and Paul O'Neill's accomplishments with plaques in the park as well.
Bernie Williams, another member of those Torre championship teams, will be recognized in 2015.
The Yankees also will put a plaque in Monument Park for Rich "Goose" Gossage, who is already in the Hall of Fame. Martinez's ceremony is scheduled for Saturday, June 21, as part of Old-Timers' Day weekend, with Gossage's the next day. O'Neill's will be on Saturday, Aug. 9.
The Associated Press contributed to this report.