Oscars 2016: Watch the nominations live right here!

By Mulenga Hornsby

Leonardo DiCaprio's wrenching performance in The Revenant has him facing hypothermia and battling a bear. Naturally, the well-received performance has fans and critics wondering if this is the actor's year to snag his first Oscar – and as the nominations are announced Thursday at 8:30 a.m. ET (Jan. 14), he may come one step closer.

John Krasinski, Guillermo Del Toro and Brokeback Mountain director Ang Lee will help Academy Award president Cheryl Boone make the nomination announcement. Watch it on Hello! Online live.

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TAP TO VIEW GALLERY In revenge thriller The Revenant, Leonardo DiCaprio roars life into an 1820s American settler.

Best Actor

The Revenant star is a obvious choice for a best actor nomination after his triumph at the Golden Globes. Working with Midas-man director Alejandro Iñarritu, he played real-life trapper Hugh Glass who was robbed and left for dead by his crew, later crawling hundreds of miles through the wilderness to seek revenge.

Four-time Oscar nominee Leo may have competition from Michael Fassbender (Steve Jobs) and Eddie Redmayne (The Danish Girl). Other possibilites are Tom Hanks (Bridge of Spies), Matt Damon (The Martian) and Bryan Cranston (Trumbo).

Cate Blanchett is on career high in Carol, a tale of forbidden lesbian love in the 1950s.

Best Actress

Among the leading ladies, Cate Blanchett (Carol) could make it a triple after taking home trophies for Blue Jasmine in 2013 and Aviator in 2004. Her turn as a 1950s society wife grappling with her feelings for a much younger female lover has been described by critics as a career-best.

However, the Academy may decide it is time to give younger actresses a chance. The Australian powerhouse will most likely be up against Saoirse Ronan (Brooklyn) and Brie Larson (Room). Other names that could make it into this category are Charlize Theron (Mad Max), Jennifer Lawrence (Joy) and Charlotte Rampling (45 years).

This year's comeback kid, Sylvester Stallone, reprises his Rocky character in Creed.

Best Supporting Actor

Sylvester Stallone took the Golden Globe, in the role of father figure to a young fighter in Creed. For the movie, the much-loved veteran reprized his well-known Rocky Balboa character, receiving a standing ovation from his peers when he collected a Golden Globe award.

He may be slugging it out with Michael Keaton or Mark Ruffalo (both from Spotlight) and Mark Rylance (Bridge of Spies).

brooklyn-Saoirse Ronan is an Irish immigrant torn between two lives and loves in Brooklyn.

Best Supporting Actress

Alicia Vikander (The Danish Girl) and Rooney Mara (Carol) will certainly make the cut. There may also be places for Jane Fonda (Youth) and her co-star Rachel Weisz.

Other names that could be in the running are Kate Winslet (Steve Jobs) who took the Golden Globe, Jennifer Jason Leigh (The Hateful Eight) and Dame Helen Mirren.

the-danish-girl-The Danish Girl, starring Eddie Redmayne and Alicia Vikander, is a biopic of transgender pioneer Lili Elbe.

Best Picture

Spotlight, an ensemble piece about a newspaper's investigation into the abuse of children by Roman Catholic priests, is a frontrunner along with The Revenant. Also likely to be nominated are Room, The Martian, Brooklyn, Inside Out, Mad Max: Fury Road, Carol, Bridge of Spies and The Hateful Eight.

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