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Giggs was pulled at the last minute due to charges of assault on two women.
The 47-year-old, who won 13 league titles, was set to be inducted alongside goal record holder Alan Shearer as one of the first players.
According to the UK Mirror, another all-time great, Thierry Henry, replaced Giggs and was named on Monday as the first two players to be inducted into the Hall of Fame, alongside Shearer.
Arsenal legend Henry scored 175 Premier League goals in 258 games and will go down as one of the greatest players of all time, having won two titles, including the Invincibles season.
The Premier League has now made a 23 man shortlist for fans to vote for another six players to be inducted – but Giggs has been left out completely.