Keys has five nominations and Coldplay has four, as the nominations were announced on Tuesday in Los Angeles.
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Both are contenders for artist of the year.
Other multiple nominees and artist-of-the-year candidates include the Eagles and Lil Wayne.
The American Music Awards will present 20 trophies in pop/rock, country, soul/rhythm & blues and rap/hip-hop, Latin, alternative, contemporary inspirational and adult contemporary.