The rapper is reportedly "happy" with the judge's decision.
Cardi B, SZA, Silk Sonic, Doja Cat, Wizkid, Lil Baby, and Drake are among this year's nominees.
The "Back in Blood" rapper now faces eight years and one month in prison instead of a possible life sentence.
The 21-year-old hitmaker has been charged with discharging a firearm in furtherance of a crime of violence, which carries a mandatory life sentence.
Rounding out the list of Billboard's top rap performers are Drake, Lil Baby, Kanye West, and Polo G.
"This award isn't just about Nelly; it is about my fans, BET, and the people that continue to support me and allow me to do what I love to do," remarked the rapper.
This week's roundup also includes new heat from Swizz Beatz, Black Eyed Peas, Young Nudy, Philthy Rich, Saint Bodhi
In our latest roundup, VIBE highlights fresh tracks from H.E.R., Gucci Mane, French Montana, and more.