Wizkid did the hook on the track which he also co-produced.
‘One Dance’ is nominated for Top Hot 100 Song, Top Selling Song, Top Radio Song, Top Streaming Song (Audio), Top Collaboration, Top R&B Song and Top R&B Collaboration
Billboard says the nominees are split up into 52 different categories.
Billboard ranks potential winners based on their song sales, streams, radio airplay, live tours and social engagement.
Bruno Mars, Ed Sheeran, Nicki Minaj, Celine Dion, Lorde, Imagine Dragons, Drake, John Legend, Florida Georgia Line and Camila Cabello are expected to perform.
Drake and The Chainsmokers were the most nominated. Both are contesting for awards in 22 categories.
They will also square up for major categories such as Top Artist, Top Male Artist and Top Billboard 200 Artist.
Twenty-One Pilots have 17 nominations, Rihanna earned 14 while The Weeknd and Beyonce have 13 nominations each.
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The annual awards ceremony will take place on Sunday, May 21.