Abba, Kiss, Genesis, Donna Summer, Red Hot Chili Peppers, LL Cool J, The Stooges, Jimmy Cliff, The Hollies, Darlene Love, The Chantels and Laura Nyro have been announced as contenders for the annual honour, Rolling Stone reports.
Musicians are qualified for inclusion 25 years after the release of their first single. A total of 500 voters will receive ballots to decide the final results, which will be revealed in January.
Only five of the nominees will be bestowed with the distinction at a ceremony to be held on March 15, 2010 at the Waldorf Astoria in New York City.
Past recipients have included Madonna, U2, Metallica and Run DMC.