[8:55] Taylor Swift
Taylor Swift arrives at the 2014 MTV Music Video Awards in Inglewood, California, Aug. 24, 2014. Reuters/Kevork Djansezian

This year's MTV Video Music Awards (VMA) is going to be a star-studded event. Taylor Swift, Bruno Mars and Selena Gomez are a few of the confirmed artists slated to perform at the gala event on Aug. 31.

Swift is planning an “epic performance” of her song “Bad Blood” for the 2015 MTV VMA, Hollywood Life reported, citing an unnamed source. “Selena Gomez is also on the list of performers, along with Bruno Mars and Kendrick Lamar,” the source added. Canadian PBR&B group "The Weeknd" is also expected to perform at the event.

This year's MTV VMAs are also special because the event will be hosted by Miley Cyrus. The “We Can't Stop” singer is known for her infamous performance on the VMA stage with Robin Thicke. The singer wore a skin-colored latex bikini for her on stage performance, where she also touched Thicke's crotch with her huge finger.

“Miley knows how far she can push things and where it would cross the line,” Jesse Ignjatovic, executive producer of the MTV Video Music Awards told Billboard in an interview. “She just likes to have fun, and I think it's going to carry through the whole show. And, of course, she will throw in some surprises."

MTV has also given a face lift to its trophy, designed by Jeremy Scott, with a new VMA Moonman this year. "From the distinct colour of the TV colour bars, to the peace sign necklace, to Jeremy's signature sneakers, the redesign of the statue is part of MTV's long-standing history of bridging the gap between the world of fashion and music," the network said, according to Yahoo Lifestyle.

MTV also released the list of the nominees in various categories. Swift leads the nominations with nine, followed by her pal Ed Sheeran, who is up for six categories.