Justin Bieber, Taylor Swift, Post Malone, Roddy Ricch and The Weeknd are in the running to be named artist of the year

Get ready for a night filled with exciting performances from some of the biggest music stars!

The 2020 American Music Awards, hosted by Taraji P. Henson, will air live on Sunday, Nov. 22 on ABC. This year, Justin Bieber, Taylor Swift, Post Malone, Roddy Ricch and The Weeknd are in the running to win the artist of the year trophy. Bieber, Malone or The Weeknd could also bring home the award for favorite pop/rock male artist. Meanwhile in the same pop/rock music category, Dua Lipa, Lady Gaga or Taylor Swift could be named female artist of the year.

Check out PEOPLE's full AMAs coverage to get the latest news on one of music's biggest nights.

Here's everything to know about the star-studded event!

Taraji P. Henson is the master of ceremonies 

The star, 50, is elated to be this year's award show host.

"The AMAs brings together the music community to celebrate what really drives all artists — the fans," she said in a statement. "I'm proud to take the stage as this year's host — and also a fan — for what promises to be an electrifying night of music."

On her Instagram Wednesday, Henson shared a video of herself gearing up to emcee the big night.

"LET'S HAVE SOME FUN!!! #Repost #amas," she captioned the clip. "Who else is sick of wearing sweats? ✋ Can't wait to see how many 🔥 outfits our host @tarajiphenson brings to the #AMAs."

Katy Perry will make her first U.S. awards show performance since welcoming her daughter

For the first time since the August birth of her daughter Daisy Dove — whom she shares with Orlando Bloom — the pop star, 36, will hit a U.S. stage during the 2020 AMAs, PEOPLE exclusively confirmed last week.

Perry is set to debut her track "Only Love" during her performance with Darius Rucker to spread a message of love and unity, according to a press release. This marks her first AMAs performance in seven years.

Roddy Ricch and The Weeknd are tied as the most nominated artists of the night 

Roddy Ricch and The Weeknd have successfully raked in eight nominations each. Both music makers are up for favorite pop/rock song of the year for their mega-hits "The Box"  and "Blinding Lights" respectively. Newcomer Ricch, 22, is also up for favorite album of the year with his No. 1, debut work Please Excuse Me for Being Antisocial.

Megan Thee Stallion is the third top contender at this year's AMAs with a total of five nominations. She's up for new artist of the year, favorite female rap/hip-hop artist and favorite hip-hop/rap song.

The Weeknd; Megan Thee Stallion; Roddy Ricch
The Weeknd, Megan Thee Stallion, Roddy Ricch
| Credit: Arthur Mola/Invision/AP/Shutterstock; Rodin Eckenroth/WireImage; Shareif Ziyadat/WireImage

Justin Bieber, Billie Eilish, Nelly, Jennifer Lopez and more will light up the stage with exciting performances 

On Monday it was announced that iconic '90s trio Bell Biv DeVoe — composed of New Edition alum Ricky Bell, 53, Michael Bivins and Ronnie DeVoe, both 52 — have been added to the star-studded list of performers slated to hit the stage at this year's AMAs. The R&B sensations will perform their mega bops "Poison" and "Do Me."

Also added to this year's lineup is "Hot in Herre" hitmaker Nelly, 46. The rap star and the "When Will I See You Smile Again?" group are each set to deliver super nostalgic sets of their timeless club bangers.

Shawn Mendes, Megan Thee Stallion, Bad Bunny
Shawn Mendes, Megan Thee Stallion, Bad Bunny
| Credit: David Crotty/Patrick McMullan via Getty; Amanda Edwards/FilmMagic; Aaron Poole/E! Entertainment/NBCU Photo Bank via Getty

Justin Bieber is returning to the AMAs stage for the first time since 2016 for a special performance celebrating the 10th anniversary of his AMAs debut. The 15-time AMA-winner, 26, will deliver a multi-song showcase including his 2020 hits "Lonely" with Benny Blanco and "Holy." His performance is also set to feature surprise guests.

The big night is jam-packed with a lineup of performances from: Bad Bunny, Jhay CortezBillie EilishBTSDua LipaJennifer LopezMalumaLil BabyMegan Thee Stallion and Shawn Mendes. The WeekndMachine Gun KellyBebe Rexha and Doja Cat will also appear onstage.

The 2020 American Music Awards will air live on ABC 

To catch all the thrills of the 2020 American Music Awards that will air live from The Microsoft Theatre in Los Angeles, tune into ABC on Sunday at 8 p.m. EST.