Other artists included on the ballot are Genesis, The Stooges, Donna Summer, ABBA, Darlene Love, Laura Nyro, The Chantels, The Hollies and Jimmy Cliff.
According to Rolling Stone, artists become eligible for induction 25 years after their debut release. Both LL Cool J and the Red Hot Chili Peppers made the list on their first year of eligibility.
LL Cool J said: "I don’t even think I can describe it. In terms of music, it’s probably the happiest moment for me since I got my break.
"My break was the moment I was called by Rick Rubin and he said, 'Come down, let’s make some records'. Now they are nominating me for the Rock and Roll Hall of Fame, it makes me feel like it mattered a little bit. It’s cool. It’s a great feeling."
If inducted into the Rock and Roll Hall of Fame, LL Cool J would be the third hip-hop act represented in the Hall following Grandmaster Flash & The Furious Five and Run-DMC.