Swift, Aldean, Paisley and Shelton are on top of the list with five nominations each, with Urban scoring two nods.
Swift, Urban and Paisley have all grabbed the Entertainer of the Year prize in the past. Shelton is aiming at the award for the first time.
Paisley will be co-hosting the awards with Carrie Underwood.
The ceremony will takes place on November 9 in Nashville, and it will be broadcast by ABC.