The Canadian hitmaker leads the way with 12 nods, while Big Sean is just behind with 10.
They will both compete for Lyricist of the Year, alongside J. Cole, Kendrick Lamar and Nicki Minaj, while all five will also face off with Kanye West for Best Live Performer and with Future for MVP of the Year.
Drake's If You're Reading This It's Too Late release will challenge Big Sean's Dark Sky Paradise, Cole's 2014 Forest Hills Drive, Lamar's To Pimp A Butterfly, Minaj's The Pinkprint and Wale's The Album About Nothing for Album of the Year, while Fetty Wap's Trap Queen, Future's Commas, Lamar's Alright and Big Sean hits IDFWU and Blessings, his collaboration with Drake, will vie for Track of the Year.
Blessings, also featuring West, is up for Best Hip-Hop Video, as is Alright, Trap Queen and Minaj's Feeling Myself smash with Beyonce.
Cole, West and Pharrell Williams are among those shortlisted for Producer of the Year, while Hustler of the Year will be a fight between Jay Z, Minaj, Cole, Drake and Dr. Dre.
The winner of the Who Blew Up Award for newcomers will be picked from Bobby Shmurda, Dej Loaf, Fetty Wap, Tink and Rae Sremmurd.
The 10th annual ceremony will take place in Atlanta, Georgia on 9 October (15), when Snoop Dogg will return to host for a third consecutive year. The show will air on U.S. TV on 13 October (15).