Linda Perry and Jerry Garcia are also on the shortlist.
The inductees will be announced at a ceremony in New York next summer (15).
Established in 1969, the Songwriters Hall of Fame honours those whose work represents "a spectrum of the most beloved songs from the world’s popular music songbook"
Songwriter Johnny Mercer and publishers Abe Olman and Howie Richmond founded the organisation.
Past inductees have included Jerry Leiber and Mike Stoller, Eddie Holland, Lamont Dozier and Brian Holland, Desmond Child, Hal David and Burt Bacharach, John Fogerty, Bob Dylan, Isaac Hayes and David Porter, Carole King, Paul Simon, Billy Joel, Sir Elton John and Bernie Taupin, Brian Wilson, James Taylor, James Brown, Bruce Springsteen, Jimmy Webb, Van Morrison, Kris Kristofferson, Dolly Parton, Diane Warren and Leonard Cohen.