P. Diddy and Shakira will perform while Britney Spears, Nelly, B2K, Bow Wow and Elton John will help hand out awards at the 2002 MTV Video Music Awards on August 29.

Diddy and Shakira join host Jimmy Fallon and a lineup of previously announced performers including Pink, Eminem and Bruce Springsteen and the E Street Band (click here for photos of this year's VMA lineup).

In addition to performing onstage, the rap mogul and the belly-dancing pop star may also be taking a few trips to the podium. Shakira grabbed four nominations, for Best Female Video, Best Dance Video, Best Pop Video and Best Cinematography in a Video for "Whenever, Wherever," and P. Diddy is up for Best Rap Video for "Bad Boy for Life" and Best Hip-Hop Video, along with Busta Rhymes and Pharrell, for "Pass the Courvoisier Part II."(Click here for a complete list of nominees.)

Eminem, Missy Elliott and P.O.D. are the ones to beat, however. Each artist garnered six nods apiece when nominations were revealed July 22 (see "Eminem, P.O.D., Missy Elliott Nab Most MTV Video Music Awards Noms").