Fall Out Boy's Pete Wentz and rapper Ludacris were on 'Good Morning America' today and announced the first nominees for this year's upcoming Billboard Music Awards. 

The ceremony will return to ABC on Sunday, May 17 at 8pm ET and the first wave of nominees were named in the top categories of Top Female Artist, Top Male Artist, Top Artist, Top Billboard 200 Album and Top 100 Song. 

Nominated in the Top Female Artist category are Australian beauty Iggy Azalea, Ariana Grande, Katy Perry, Taylor Swift and songstress Meghan Trainor. The acts in the running for Top Male Artist are Canadian hip-hop star Drake, Pharrell Williams, Ed Sheeran, Sam Smith and Justin Timberlake. 

Billboard's Top Artist sees the likes of Ariana Grande, One Direction, Katy Perry, Sam Smith and Taylor Swift in the running. 

The Top 200 Billboard Album category has recognised Maroon 5's 'V', Ed Sheeran's 'x', Sam Smith's 'In The Lonely Hour', Taylor Swift's '1989' and Pentatonix's 'That's Christmas To Me'. 

Iggy Azalea's 'Fancy', John Legend's 'All Of Me', Sam Smith's 'Stay With Me', Taylor Swift's 'Shake It Off' and Meghan Trainor's 'All About That Bass' are all up for the Top 100 Song prize. 

Ludacris was then asked his opinion on Sam Smith and Taylor Swift's multiple nominations and confessed that he believes both artists will do very well at the Billboard Music Awards: "I think one of them is definitely going to walk away with multiple awards (Sam or Taylor)."

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Watch footage of One Direction performing together recently here: