Rihanna and Taylor received six and five nods respectively, with both battling it out for the'Best Female' and 'Best Pop' awards.
The two fashion conscious singers will also go head to head in the 'Best Look' category.
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Even after winning countless awards, Taylor couldn't contain her excitement over her five nominations.
Taking to Twitter, the singer wrote: "Just found out about the 5 MTV Europe Awards nominations!! IS THIS ACTUALLY HAPPENING?? I seriously just paced around the room in disbelief."
And her disbelief didn't stop there as mere moments later Taylor returned to Twitter once again.
She tweeted: "I'm so excited. I'm so excited. I'm so excited. I love you guys. I might hyperventilate. I'm so excited. Vote NOW."
Don't hold us to this but we think Taylor might be happy with the news.
One Direction have also been honoured in three categories including 'Best New' and 'Biggest Fans'
The boys will be facing stiff competition for the 'Best UK and Ireland Act' award where they are up against Rita Ora, Ed Sheeran, Jessie J and Conor Maynard.
The award ceremony will be taking place on 11 November from Frankfurt's Festhalle.
The MTV EMA's are one of the few award ceremonies that puts the power of the results entirely in the hands of the music buying public.
As from today, music lovers from around the world will be able to vote for their favourite acts from each category through the MTV website.