The British boyband and Timberlake, 33, will compete with the Eagles for the Top Tour trophy, while the two acts will battle country star Luke Bryan for the coveted Top Draw award when the prizes are handed out in New York on November 20, reported Contactmusic.
Arcade Fire, Florida Georgia Line, Paul MCCartney and Jason Aldean are also up for top trophies.
Arcade Fire and Florida Georgia Line will take on OneRepublic for the Breakthrough Award, while Lollapalooza in Chicago, the Coachella Music and Arts Festival in Indio, California and the Austin City Limits Music Festival in Austin, Texas will compete for Best Festival.
They will battle One Direction, who packed out Dublin's Croke Park in Ireland in May, for the prize.