The Paul Butterfield Blues Band, rockers Joan Jett & The Blackhearts, rhythm and blues band the "5" Royales and the late blues guitarist Stevie Ray Vaughan and Double Trouble will also be inducted into the Hall of Fame at a ceremony in Cleveland on April 18.
Starr was selected in the music excellence category. He was inducted as part of The Beatles in 1988. His bandmates have since entered the Hall of Fame as solo artists - John Lennon in 1994, Paul McCartney in 1999 and George Harrison in 2004.
Reed, whose work with The Velvet Underground made them one of the most influential groups in rock, Green Day and "Ain't No Sunshine" singer Withers were selected in the performer category, along with the Paul Butterfield Blues Band.
Joan Jett & The Blackhearts, whose biggest hit "I Love Rock 'n Roll" became a rock classic, were cited for their fresh sound and The "5" Royales were credited for creating some of rock's first standards while performing from 1945 to 1965.
More than 700 artists, music industry professionals and historians help to decide who is inducted. The public also cast their votes in a "fans ballot."
Artists are eligible 25 years after the release of their first record for induction into the Hall of Fame, which was established in 1983.
