The Green Bay Packers officially announced on Monday that they will induct Brett Favre into the Packers Hall of Fame and also retire his No. 4 uniform in July next year.

Former team president Bob Harlan announced the decision in a news conference where the team confirmed that the two sides have reconciled after a well-publicized dispute in 2008.

Favre spent 16 seasons with the Packers before announcing his retirement in 2008. He had a sudden change of heart, though, as he decided to play again, but the Packers already named Aaron Rodgers as their starting quarterback.

The Packers and Favre had an ugly standoff before Green Bay decided to trade the quarterback to the New York Jets where he retired again after just one season. He then made another comeback and played two seasons with the Minnesota Vikings before retiring for good.

While he spent a total of three seasons with other teams, Favre, who helped Green Bay win one Super Bowl in two appearances and also bagged three NFL MVP awards from 1992 to 2008, insisted that he has always been a Packer at heart.

"I was always a Packer and it's like borrowed time elsewhere," Favre said via ESPN. "I played my heart out each and every year I played, and I'm proud of that. I was proud to say that I am a Packer and will always be a Packer and am honored that I've gotten the opportunity to do that."

Favre will be inducted into the Packers Hall of Fame and have his jersey retired on July 18, 2015. The 44-year-old quarterback, who will be the lone inductee next year, is expected to watch a home game at the Lambeau Field in the upcoming NFL season.

During the conference, Harlan revealed that he first brought up the idea of reconciliation back in November. In his recent conversation with Favre, Harlan made LeBron James' decision as an example of a memorable homecoming.

"Brett and I had a long talk about three weeks ago, and he was excellent about everything, positive, looking forward to it," Harlan said. "I even said to him, 'You know, we can all learn something about the way LeBron James handled going back to Cleveland. Look at how Cleveland accepted him.' I said, 'That's what you're going to get.' It's just, it's something I wanted to try, and it worked, fortunately."