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29 November 2012, 15:10
Pussy Riot, Mo Farah and Michael Phelps have also been nominated for the annual honour.
Jay-Z and PSY are among the nominees for the Time Magazine Person Of The Year 2012 award.
The likes of controversial band Pussy Riot, Team GB star Mo Farah and US President Barack Obama have also all been shortlisted on the list of 38 different nominees for the annual award, ahead of the official announcement in two week time.
'99 Problems' rapper Jay-Z has had a busy year between becoming a first-time father, campaigning on behalf of Obama and continuing to tour around the world, while PSY has become one of the breakthrough artists of 2012 after his music video for 'Gangnam Style' become the most watched clip in YouTube history.
PSY reached the online milestone earlier this month after his video reached over 820 million views, the the South Korean rapper has reportedly been working on a potential collaboration with 'Can't Touch This' rapper MC Hammer.
Other stars nominated for the honour include runner Mo Farah, who became an international star with his multiple gold medal wins for Team GB at the London 2012 Olympic Games over the summer, Tim Cook for taking over as CEO of Apple in the wake of Steve Jobs' death and Fifty Shades Of Grey novelist E.L. James.
Check out a picture of PSY performing 'Gangnam Style' at the MTV EMAs 2012 earlier this month below (Credit: PA):
Feminist Russian punk band Pussy Riot also made the shortlist after making headlines in 2012 of their protest in Moscow which led to three members of the band being jailed for hooliganism.
The Time Magazine Person Of The Year 2012 will be announce on 12th December with the reader's poll winner following on 14th December.