The 67-year-old rocker is ''disgusted'' with how the progressive rock band have been treated over the years, and at the lack of recognition given to the alternative genre in general, and might not attend the annual ceremony in protest.
He said: ''It seems anything to do with prog rock was considered a dirty word by them.
''It's the most inventive and the most influential music to musicians that there's ever been in the history of rock 'n' roll - and yet it's ignored.
''I'm not sure whether I'd turn up. I'm so disgusted with the way that prog rock and Yes have been treated, I might be busy. I might be washing my hair that night.''
Rick, who joined Yes in 1972, feels the 'Heart of the Sunrise' hitmakers should have been inducted years ago and can't understand some of the acts that have been be honoured in the past.
Speaking on Boston radio station 105.7 WROR, he said: ''I pushed for Yes to go in the Hall of Fame when I wasn't in the band, because I felt the band deserved to go in years ago.
''There's some bands that have been inducted that I have no idea why they're in there.
''There's bands like Yes and a few others and you go, 'Why aren't they in?' It just doesn't make an ounce of sense to me.''
Rick, Original singer Jon Anderson, both sticksmen Bill Bruford and Alan White, keyboard player Tony Kaye, Steve Howe and Trevor Rabin [guitars] and the late bassist Chris Squire have each been nominated.
At this year's event members of the public will once again be able to vote for their favourite rock acts to be inducted along with 800 music professionals who are tasked with narrowing down the list.
The final five inductees are to be announced at the end of December, followed by a ceremony at the Barclay's Center in New York in April 2017.
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