Country cutie Swift, whose eight nods are second only to leading nominee Beyoncé's 10, will also present at the show, an inside source told PEOPLE on Tuesday.
Fellow nominees Lady Antebellum (with two nominations) and Maxwell (with six) will also perform on the live CBS telecast, while others are still to be named.
This year, Beyoncé, already a 10-time Grammy winner, is up for Record of the Year ("Halo"), Album of the Year (I Am … Sasha Fierce) and Song of the Year, for "Single Ladies (Put a Ring on It)."
Swift's nominations also include Record of the Year and Song of the Year, for "You Belong With Me," and Album of the Year, for "Fearless.
Triple Grammy winners the Black Eyed Peas are up for six awards, including Record of the Year, for "I Gotta Feeling," and Album of the Year, for "The E.N.D."
Swift's MTV Video Awards "rival" Kanye West also has six nods, setting the stage for another showdown between the two stars – that is, if West dares to show up.
Watch the 52nd Annual Grammy Awards on Jan. 31 at 8 p.m. ET/PT, live on CBS – and catch up on all the news and style from the show on PEOPLE.com!