Eddie Redmayne will be hoping to follow his 2015 Oscars success when the nominations are announced today.
The 34-year-old lost out on the Golden Globe in the leading actor category to Hollywood star Leonardo DiCaprio on Sunday.
But he has been nominated for a Bafta and critics expect an Oscar nod to follow for his role in The Danish Girl.
Redmayne won best actor at last year's Academy Awards for his portrayal of scientist Stephen Hawking in The Theory Of Everything.
He has received further acclaim for The Danish Girl as Lili Elbe, one of the first known transgender women to receive sex reassignment surgery.
The British star is likely to face competition in the best actor category from DiCaprio for The Revenant, Michael Fassbender for his role in Steve Jobs and Matt Damon for Ridley Scott's adaptation of Andy Weir's book, The Martian.
DiCaprio has been lauded for his portrayal of explorer Hugh Glass who survives a horrific bear attack after being left for dead.
The Titanic actor has previously been nominated for four Oscars, but is yet to win one.
There is also a possibility of a nod for British actress Kate Winslet, who won the Golden Globe on Sunday for her role in Steve Jobs, while Christian Bale, who won an Academy Award in this category for The Fighter, could be a contender for best actor in a supporting role for The Big Short.
Wolf Hall star Mark Rylance and Luther's Idris Elba could be first-time nominees for Bridge Of Spies and Beasts Of No Nation, respectively.
They could possibly face Americans Mark Ruffalo, for Spotlight, and Creed star Sylvester Stallone.
The Rocky actor, writer and director has boosted his hopes of an Oscar courtesy of his Golden Globes win in the supporting actor category on Sunday.
Actress Alicia Vikander, who stars opposite Redmayne in The Danish Girl, is a hot favourite to be nominated in the best actress category.
She is likely to go up against Cate Blanchett for Carol, Brie Larson for Room and possibly British stalwart Charlotte Rampling for 45 Years.
Vikander has already been nominated for a Bafta and a Screen Actors Guild Award for her role as Gerda Wegener in The Danish Girl.
She may also, however, be named in the supporting actress category instead.
This which would see her competing with the likes of Rooney Mara, who has been praised for her role as Blanchett's co-star in Carol.
The nominations will be announced today during a press conference in Beverly Hills. The star-studded ceremony will be held on February 28.