Sanders played five seasons with the Falcons and becomes the first player drafted from that franchise to go into the Hall.
"He was an electrifying performer who put fans on the edge of their seats every time he manned his cornerback positoin or dropped back to receive a kickoff or field a punt," Blank said in a statement. "Deion is without question, one of the greatest players in the history of the game."
Sanders holds seven Atlanta Falcons records and is tied for first on two others. He was named to the Pro Bowl twice while he played for Atlanta.
More Blank: "He epitomized excellence on the playing field and was a tremendously gifted athlete who possessed great vision, instincts, and world class speed."