The Red Hot Chili Peppers, Guns N' Roses and the Beastie Boys been named as inductees to the Rock and Roll Hall of Fame.

Announced on Wednesday morning, the Class of 2012 also includes Donovan, Laura Nyro, The Small Faces/The Faces, Freddie King, Don Kirshner, Cosimo Matassa, Tom Dowd and Glyn Johns.

We are pleased to announce this year's Hall of Fame inductees, who represent the broad spectrum of artists that define rock and roll, Joel Peresman, President and CEO of the Rock and Roll Hall of Fame Foundation, said in a statement.

Now in its 27th year, the Rock and Roll Hall of Fame induction festivities honor the best of rock and roll in four categories: performer, early influence, nonperformer and the award for musical excellence.

To be eligible for induction, the artist or artists must have released a record at least 25 years prior to the year of induction. Every year, musicians (and their fans) who have surpassed that milestone patiently wait for a nomination (usually announced in September) from the Hall of Fame.

The announcement of the Class of 2012 means that the following artists did not make the cut (even though they were nominated in September): the Cure, Heart, Joan Jett and the Blackhearts, Eric B. and Rakim, the Spinners, Rufus with Chaka Khan, War and Donna Summer.

As with every induction, the new class will deliver live performances as they are honored at Cleveland's Public Hall.

Does this mean the original members of Guns N' Roses will be performing for the first time in more than 20 years?

You figure that time heals all wounds . . . but some people just really hold a crazy grudge, Steven Adler recently told Rolling Stone.

I just had lunch with Slash two days ago. He loves Axl. He holds no grudges towards him . . . it's only rock and roll, my god! It's not rocket science, Adler added.

The 27th annual Rock and Roll Hall of Fame Induction Ceremony will be held on Apr. 14, 2012 and will be open to the public. The Hall of Fame will kick off the celebrations early, with a 10-day event schedule that includes the grand opening of the Rock and Roll Hall of Fame Library and Archives chapter, a free concert and museum tours.

Click through for a complete list of the Rock and Roll Hall of Fame's Class of 2012.