Palmer became a member in 1999.
Nicklaus has played in 42 Masters Tournaments since his first start in 1959. He won his first title at the age of 23 in 1963, and 23 years later became the oldest champion (46) when he rallied to win his record sixth Green Jacket in 1986.
'When you begin to think of the names that make up Augusta National's tradition, gentlemen like Bob Jones and Clifford Roberts, this is a golf club steeped in history,' Nicklaus told The Augusta Chronicle.
'So it is truly an honor to be invited to be a part of the club's future.'
Augusta National has undergone its most extensive changes in its 68-year history since Tiger Woods won the 2001 edition.
The club closes each year from May to October. This year, architect Tom Fazio led a project in which nine holes were altered and nearly 300 yards added.
Th official yardage is 7,270 yards from the championship tees.
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