They are joined by a number of top acts, including Ray Davies, Sade, Cyndi Lauper and Linda Perry.
The Songwriters Hall of Fame gave The Associated Press a list of nominees in advance of the official announcement, set for Thursday. The gala will be held June 12 at the New York Marriott Marquis.
Also nominated are Heart's Ann and Nancy Wilson, Vince Gill, Nile Rodgers and Bernard Edwards, Donovan, Cat Stevens and Harry Wayne Casey.
Nonperforming songwriter nominees include "Midnight Train to Georgia" writer Jim Weatherly, Motown songwriter William "Mickey" Stevenson and country music songwriters Bobby Braddock and Bill Anderson.
Mark James, the writer behind "Always on My Mind" - covered by Elvis Presley and Willie Nelson - is also nominated alongside Don Robertson, Graham Gouldman and Tony Macaulay. Writing duos Hugo & Luigi, Sandy Linzer and Denny Randell, and Dan Penn and Spooner Oldham will also compete.
Eligible voters can select two nominees from the list of songwriter-performers and three nonperforming songwriters. Voting ends Dec. 16.