An Australian Music Hall Of Fame is finally headed for the Victorian Arts Centre, News Limited confirms, called the Australian Music Vault.

The Hall Of Fame comes after 15 years of lobbying from music industry giant Michael Gudinski, Molly Meldrum and Kylie Minogue to make the exhibition a reality — they'll also reportedly all serve as patrons, alongside Archie Roach.

Victorian Premier Daniel Andrews will be backing the new Hall Of Fame with $10 million funding from the Music Works program. State Creative Industries Minister Martin Foley said, "It’s fantastic recognition of our rich music heritage, but also confirms us as the live music creative hotbed of the country.

"We know there’s a fantastic appetite in Melbourne both from Melburnians and our many visitors so that we know this will be absolutely smashing as an attraction."

The Hall Of Fame will be part of the new Australian Music Vault housed inside the Victorian Arts Centre on St Kilda Road, due to open in November next year. It will have free entry.

"Interest in Australian music is bigger than ever and it’s something that’s long overdue,” Gudinski said. "It would have been shattering for Molly and me and Kylie if it happened anywhere else in Australia like Sydney.”

The gallery will feature donated items from Minogue, Meldrum and Gudinski himself, as well as the Arts Centre's current entertainment collection.