Blondie, Tom Petty, John Mellencamp, Sly Stone, the Isley Brothers, and Nile Rodgers & Bernard Edwards will also compete for a spot in the Class of 2016 as performers, while Motown legend Berry Gordy, Jimmy Jam & Terry Lewis, Kenneth 'Babyface' Edmonds and pop songwriter Max Martin are among those who are eligible as non-performers.
Other notable names include Michael MCDonald, Steve Miller, Teddy Riley, Chip Taylor and Rod Temperton, who wrote Michael Jackson's smash hits Thriller and Off the Wall.
Hall of Fame members will cast their votes by 11 December 2015 and the top seven picks will be announced early next year.
The 47th annual Induction and Awards Dinner will take place in New York city on 9 June, 2016.
The Class of 2015 featured Cyndi Lauper, Linda Perry, Toby Keith, late Grateful Dead frontman Jerry Garcia and his collaborator Robert Hunter, country songwriter/producer Bobby Braddock and late blues star Willie Dixon.