The 'Always' hitmakers will receive the prestigious honour in Cleveland in April and frontman Jon Bon Jovi would be happy for the guitarist, who quit in 2013, and the bassist, who was dismissed in 1994, to join him, Tico Torres, Phil X, Hugh McDonald and David Bryan on stage for the ''party''.
Jon told 'Extra': ''Every kid who ever strummed a tennis racket or broomstick in the mirror hopes to be in a band. One in a billion of those gets to be in the Rock and Roll Hall of Fame.
''We're going to have a big party.''
And discussing Richie and Alec, he added: ''They'll be welcome to join the band onstage and perform.''
The rockers are currently preparing for the spring leg of their 'This House is Not for Sale' tour and the 55-year-old singer is looking forward to delving into the band's extensive back catalogue during the shows.
He said: ''I am in really good shape vocally these days, so I think we can get deep into the catalogue.''
The 'When We Were Us' singer has admitted the induction ''truly does mean a lot'' to the band.
Speaking on the 'Late Show with Stephen Colbert', he said: ''We had been looked over a couple times, and it is an honour to consider you being in the same building as the greatest of the greats, whether it's Elvis or the Beatles or the Stones.
''Just the idea that the music that you made has been known to generations of people makes you feel good.''
Meanwhile, it has been confirmed Howard Stern will induct the group into the Hall of Fame at the upcoming ceremony.
The SiriusXM DJ told Jon: ''I am so honoured that you asked me. I am thrilled to do it.''
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