Detroit Free Press reporter Mark Snyder just tweeted this:
Hoke on Alabama radio: Gerald Ford's No. 48 jersey will be worn by a UM player this year to honor him... No. 1 in "near future" not this yr
That's a retired jersey number.
UPDATE: Bennie Oosterbaan (#47) and Ron Kramer (#87) will also become Legends this fall. Click here for more details in a more recent thread.