The Power of the Dog, Belfast and West Side Story are among the films expected to pick up multiple nominations.
British acting nominees could include Andrew Garfield, Benedict Cumberbatch, Olivia Colman and Ciarán Hinds.
The Academy has confirmed the ceremony will have a host this year, but has not yet revealed who it will be.
There is pressure to make the Oscars more popular with and relevant to young audiences, after 2021’s pared-down ceremony tanked in the ratings, partly due to the absence of big film releases during lockdown.
Tracee Ellis Ross and Leslie Jordan will announce the nominations from Los Angeles at 13:20 GMT.
There is only one guarantee ahead of the nominations: with far more big films in the race this year and only a limited number of slots available, several high-profile films and their stars will inevitably miss out.
Equally, we could see some lower-profile films spring surprise nominations. While expecting the unexpected, here are a few of the films and actors who stand the strongest chance:
Licorice Pizza (starring Alana Haim and Cooper Hoffman) will likely pick up best picture and best director nominations
For the last decade or so, the Academy’s best picture category has featured anywhere between five and 10 nominees (there were eight last year).
However, from this year, the governing body has ruled there must be the full 10, in an effort to make the shortlist more diverse, inclusive and, frankly, popular.
In theory, that should have made some room for blockbusters such as the phenomenally successful Spider-Man: No Way Home or the James Bond film No Time To Die.
But neither are traditional Oscar films and the poor showing for both at the recent guild ceremonies suggests neither has the momentum for a best picture nomination. They might, however, show up in some of the technical categories.
Instead, expect Steven Spielberg’s towering remake of the musical West Side Story, Sir Kenneth Branagh’s autobiographical Belfast, and Paul Thomas Anderson’s ode to 1970s youth Licorice Pizza to show up in best picture.
Despite an expanded category, a nomination for Spider-Man: No Way Home is a long shot
The only film with significant box office success likely to make it into the race is Denis Villeneuve’s sci-fi saga Dune, which has taken $400m (£294m) worldwide.
While there are several other popular films in the race, many of them were primarily released on streaming platforms and therefore have no comparable box office figures.
Netflix have said that Adam Mackay’s climate change allegory Don’t Look Up, starring Leonardo DiCaprio and Jennifer Lawrence, was hugely popular with their subscribers. With an Oscar-friendly cast, it could well appear in the best picture category.
However, the streaming service’s strongest contender by far is Jane Campion’s The Power of the Dog, a slow and intense western starring Benedict Cumberbatch. This isn’t just a potential best picture nominee, but a potential winner.
Other films released on streaming services which could be in contention include Amazon Prime Video’s Being the Ricardos, directed by The West Wing creator Aaron Sorkin, which follows Lucille Ball and Desi Arnaz in 1950s Hollywood.
Sian Heder’s Coda, released on Apple TV, tells the story of a young girl who wants to be a singer but has to juggle her music lessons with the demands of her deaf family.
Elsewhere, there’s a case to be made for Reinaldo Marcus Green’s King Richard, which sees Will Smith play the driven father of a young Venus and Serena Williams, who went on to be tennis world champions.
And a nod for Lin-Manuel Miranda’s Tick, Tick … Boom!, based on the life of Rent composer Jonathan Larson, would mean two musicals are nominated for best picture this year.