West will compete with Eminem, 50 Cent and Gerard Way of the rock group My Chemical Romance in the Man of the Year category.

50 Cent is also nominated for Roc Da Mic (Best Live Performance) honors, while Snoop Dogg and Ludacris are up for the Quit Your Day Job award for best guest host.

MTV VJs Damien Fahey, Vanessa Minnillo and Susie Castillo will host this year’s show, which features appearances by West and Mariah Carey, among others, as well as a performance by R&B singer Chris Brown.

Pop legend Madonna will receive the Lifetime Achievement Award, while Bono will take home the Most Inspired Artist Award for his humanitarian efforts.

Past Lifetime Achievement recipients include Sean “Diddy” Combs and Eminem.

Voting for the awards started Monday and runs through Feb. 21.

Fans can cast their ballots at www.mtv.com and also view highlights from last year’s show.

The 4th annual TRL Awards airs Feb. 25 at noon ET/PT.