'Macho Man' Randy Savage -- Makes WWE Hall of Fame ... Announcement Expected Tonight

Oooooh yeaaah ... "Macho Man" Randy Savage is FINALLY going to be inducted into the WWE Hall of Fame ... TMZ Sports has learned.

Sources tell us ... the WWE is expected to make the official announcement on "Raw" tonight.

It's unclear why the WWE has waited so long to enshrine Savage, who passed away in 2011 -- especially since he's one of the most famous wrestlers of all time.

In fact, Stone Cold Steve Austin even confronted Vince McMahon about it last month -- with Vince promising Savage would be inducted in the near future.

Now, McMahon is proving he's a man of his word -- we're told the official induction ceremony will go down in Santa Clara, CA the day before WrestleMania 31.

The cream rises to the top.