The 17 artists who could be admitted to the prestigious US-based institution also range from Jeff Buckley and Lauryn Hill to Mariah Carey and Wu-Tang Clan.
Artists or bands become eligible 25 years after releasing their first commercial recording.
Oasis and Carey have been nominated twice before, while Pink is now eligible, 26 years after her debut single, and Colombian superstar Shakira could become one of only a handful of musicians from Latin America to have ever been admitted.
Wu-Tang Clan's nomination comes after Gene Simmons from veteran rock band Kiss recently criticised the inclusion of hip-hop artists, saying they don't belong in the Hall of Fame.
Collins, 75, entered as a member of Genesis in 2010, and has now been shortlisted for his solo work, including 1980s hits In the Air Tonight, Against All Odds (Take A Look At Me Now), and Easy Lover.
He would be a popular choice after his music has been discovered by a new generation, and after he has suffered a series of health problems in recent years.
Meanwhile, Oasis will discover whether their successful reunion over the past year has enhanced their reputation as legends in the US, a country they famously struggled to fully break first time around.
But singer Liam Gallagher has repeatedly criticised the Hall of Fame, previously saying he wasn't interested in receiving an award from "some geriatric in a cowboy hat".
He added, perhaps sarcastically, that Oasis didn't deserve their nomination "as much as Mariah Carey
Source BBC
