Will Butler, David Byrne and Hillary Rodham Clinton are among this year's nominees.
The inductees will be announced at The Celebrate Asia Festival, which is being held May 1, the first day of AAPI Heritage Month.
Jason Aldean, Kane Brown, Cody Johnson, Miranda Lambert and Thomas Rhett are also on board.
If both Beyoncé and Swift are nominated, this will be the second time the two superstars have faced off in this category.
The AMAs are the third major awards show that CBS has picked up in the past few years, following the CMT Music Awards and the Golden Globes.
A bilingual evening with many high points.
Here's everything that happened backstage at the red carpet and media center on Thursday night.
The iconic Mexican band performed alongside Carin León, Los De La S and A.B. Quintanilla in a special medley.
The Colombian quartet performed new single "Faltas Tú."
The Mexican and Puerto Rican superstars join forces on "Peso Completo."
