Frightened Rabbit, Edwyn Collins and Steve Mason are also up for the annual Scottish Music Industry Association award.
Fall Out Boy have brought forward the release date of their comeback album by a month.
The modestly titled Save Rock And Roll is now coming out on April 15 rather than May 6.
They've already released the first single from it - My Songs Know What You Did In The Dark (Light Em Up).
"When we were kids the only thing that got us through most days was music," the band explained when the album was announced . "It's why we started Fall Out Boy in the first place. This isn't a reunion because we never broke up. We needed to plug back in and make some music that matters to us."
Save Rock And Roll is Fall Out Boy's fifth studio album - their first since Folie Á Deux in December 2008.
The US band will be playing tracks from it at their one off UK show later this month - The Underworld in Camden on February 25.