The Neptunes, Perry Farrell, Mos Def and Coldplay's Chris Martin have the privilege of nominating albums for this year's Shortlist Music Prize.

Other panelists selected for the third annual contest include Dave Matthews, Queens of the Stone Age singer Josh Homme, Red Hot Chili Peppers bassist Flea, Roots drummer Ahmir "?uestlove" Thompson, Erykah Badu, Musiq, Pete Yorn, the Chemical Brothers, Tori Amos and Tom Waits.

The Shortlist Music Prize, which went to Sigur Rós in 2001 and N.E.R.D. last year (see [article id="1458422"]"N.E.R.D. Win Shortlist Prize"[/article]), honors adventurous albums that have sold fewer than 500,000 copies.

The panelists -- which also include filmmakers Spike Jonze and Cameron Crowe, journalists Josh Tyrangiel ("Time") and Kim Osorio ("The Source") and radio personality Nic Harcourt (KCRW-FM) -- will compile a list of approximately 100 nominees that will be announced in late August and will appear on the contest's Web site.

The Neptunes, Farrell and the others will then shorten the nominees to 10, the official Shortlist, which will be announced in mid-September. In October, select finalists will perform at a concert in Los Angeles that will also double as the award presentation, where the winner is given a $5,000 cash prize.

This year a Shortlist tour and TV special are also in the works, according to a spokesperson for the contest, founded by music industry veterans Greg Spotts and Tom Sarig.

Last year's panel, which selected albums by Björk, Cee-Lo and the Hives, among others, included Beck, Metallica's Lars Ulrich, and the Strokes' Albert Hammond Jr. and Nick Valensi (see [article id="1456176"]"Strokes, Neptunes, Beck, Spike Jonze Nominate Discs For Shortlist"[/article]).