Singer-songwriter Tom Waits and hard rock band Bon Jovi join Cooper as first-time nominees for the accolade, NME reports.
Other nominees include the Beastie Boys, Neil Diamond, LL Cool J and Donna Summer, who have all been shortlisted in previous years.
The annual award sees around 500 music industry representatives vote anonymously to select who will be inducted, with a minimum of 50% of the vote needed for the nominee to be accepted.
Eligibility requirements mean that the nominees must have begun their music career at least 25 years prior to being being nominated, as well as having made a significant impact on rock music.
The inductees will be announced in December, with the awards ceremony taking place in March 2011.