The acts are among several nominated for the prestigious Hall Of Fame award, which merits music of "lasting and historical significance" that is at least 25 years old.
The Beatles' hit 'Penny Lane', which charted at number two in 1967, has been nominated for the prize, as well as Prince's 1984 smash 'Purple Rain', Otis Redding's 'I've Been Loving You Too Long' and Ray Charles's 'Genius + Soul = Jazz' from 1961.
"The Grammy Hall Of Fame represents all genres of music, acknowledging the diversity of musical expression for which The Academy has become renowned," said Neil Portnow, CEO of The Recording Academy.
"These musical treasures have brought us timeless recordings, and each of them deserves to be memorialised. These recordings are living evidence that music remains an indelible part of our culture."
The committee has honoured 881 songs since it was established in 1973. This year's winner will be announced at the Grammy Awards on February 13.