The Atlanta pair also is up for wins as best R&B group, best song for "Hey Ya!," best album and best video, MTV reported Wednesday.
Beastie Boys, The Black Eyed Peas, D12 and Maroon 5 join Outkast in the best group category.
Competing with "Hey Ya!" for the best song prize are Anastacia's "Left Outside Alone," Britney Spears "Toxic," Maroon 5's "This Love," and "Yeah" by Usher featuring Ludacris.
Spain's Bunbury, Poland's Sidney Polak, Germany's Die Toten Hosen, Portugal's Da Weasel, Romania's Ombladon and Britain's Franz Ferdinand will compete for best band in their respective countries categories.
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