The list of contenders will be revealed on Thursday by handsome Star Trek actor Chris Pine, directors JJ Abrams and Alfonso Cuaron, and Cheryl Boone Isaacs, who is the president of the Academy of Motion Picture Arts and Sciences.
This year's nominees will be unveiled at 13:30 GTM / 5:30 PT / 8:30 ET.
Watch the live streaming below.
This year's Oscars ceremony will take place on Sunday 22, February at the Dolby Theatre, in Hollywood, Los Angeles. Neil Patrick Harris will host the star-studded night for the first time.
Brits should have a good shot at the best actor category as it's expected that Eddie Redmayne (The Theory of Everything), Benedict Cumberbatch (The Imitation Game) and David Oyelowo (Selma) will receive nominations.
Also thought to be in the running are Jake Gyllenhaal (Nightcrawler) and Michael Keaton, who is enjoying a career renaissance with Birdman and charmed the Golden Globes audience with his emotional acceptance speech last Sunday.
Potential Oscar nominees for best actress include Julianne Moore (Still Alice), Reese Witherspoon (Wild), Rosamund Pike (Gone Girl), Amy Adams (Big Eyes), Felicity Jones (The Theory of Everything), and Jennifer Aniston (Cake).
The nominees for best supporting actress may include Patricia Arquette of Boyhood, Emma Stone (Birdman), Keira Knightley (The Imitation Game), Meryl Streep (Into The Woods) and Rene Russo (Nightcrawler).
In the best supporting actor category expect to see Ethan Hawke (Boyhood), Edward Norton (Birdman) and veteran Robert Duvall (The Judge).
Best picture contendors are thought to be Boyhood, which won at the Golden Globes, Birdman, The Imitation Game, The Theory of Everything, Selma, The Grand Budapest Hotel, Gone Girl and American Sniper.