Rex Features
The artists have been invited to the ceremony in New York on March 15 after being selected from a longlist featuring Kiss and the Red Hot Chili Peppers, Billboard reports.
Producer David Geffen and songwriters Barry Mann & Cynthia Weil, Ellie Greenwich & Jeff Barry, Jesse Stone, Mort Shuman and Otis Blackwell will receive the Ahmet Ertegun Award for non-performers.
Of the possibility of a performance at the ceremony, Genesis keyboard player Tony Banks said: "Phil [Collins]'s got a few physical problems at the moment which means I don't think he'd be able to play.
"So... I don't really know what that means. We'll face that particular hurdle when we get to it."
Earlier this year, Collins said that he would never drum again due to a spinal injury.
The Stooges will play a number of live shows next year, but Abba have repeatedly denied reports of a full band reunion.
