Australian basketball great Andrew Gaze has missed out on being inducted into the International Basketball Federation's Hall of Fame.

Gaze was one of 34 world-renowned basketball figures shortlisted for induction into FIBA's Hall this year.

But the former Melbourne Tigers and Boomers star was overlooked for the final list of 20 people named as the 2007 inductees.

Australian administrator, Alistair Ramsay, has also missed out after being shortlisted.

Boston Celtics great Bill Russell headlines the 2007 inductees, who will officially be enshrined in a ceremony in Madrid, Spain on September 12.

There are no Australians in the Hall of Fame.

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