Lapointe will become the 18th player to be honoured by the Habs with jersey retirement and the second with the No. 5, joining Bernie Geoffrion.
The longtime defencemen played 777 regular-season and 112 playoff games for Montreal and was a part of six Stanley Cup champions in the process.
Lapointe was inducted into the Hockey Hall of Fame in 1993. Next season he'll become the first Habs legend to have his jersey retired since Emile Bouchard and Elmer Lach in December 2009.
"I am beyond proud of my dad!" Lapointe's daughter Stephanie wrote on Twitter Wednesday. "Finally he is being awarded this honour!"