The 19-year-old singer, who is scheduled to open the show from Nashville, earned four nominations this year – including a chance at the prestigious entertainer of the year prize.
"We definitely think she has a great shot at it," the members of Gloriana, who opened for Swift on tour this year, gushed simultaneously at the BMI Country Awards Tuesday night. "We just hope we're sitting close enough to hug her neck when she does!"
Of course Swift will have to compete for the top honor against some of country music's heavyweights, including four-time winner Kenny Chesney, Keith Urban, George Strait and Brad Paisley, who will also co-host the telecast with Carrie Underwood. Paisley leads the pack of nominees with six nods, including male vocalist of the year and video of the year.
In the female vocalist of the year category, Swift will face off against Miranda Lambert, Martina McBride, Reba McEntire and Underwood.
As always, the show, which airs on ABC (8 p.m. ET), will be loaded with performances. PEOPLE has confirmed that Tim McGraw and Faith Hill will be performing together on the telecast. Meanwhile, other performances will span genres: Kid Rock will perform a duet with four-time nominee Jamey Johnson. Also performing this year are Dave Matthews and rocker Daughtry, co-hosts Paisley and Underwood, along with Martina McBride, Keith Urban and more.
With reporting by Eileen Finan and Kay West