Swift and Minaj are among the first crop of performers announced for the November 18 ceremony, along with rock group Linkin Park and Christina Aguilera.
Minaj is also up for four awards on the night, tying her for the lead with Rihanna.
The 'Starships' singer is pitted in the prestigious 'Favourite Female Artist – Pop/Rock' category against Rihanna, Kelly Clarkson and Katy Perry.
Linkin Park and Swift are nominated for American Music Awards as well.
The 2012 American Music Awards are broadcast live on November 18 from the Nokia Theatre in Los Angeles.
Watch Taylor Swift's 'We Are Never Ever Getting Back Together' music video below: