Will DiCaprio be the king of the world?
THE final countdown is on for Hollywood's most glamorous night.
At the 88th annual Academy Awards today hundreds of film stars, including Australian nominees Cate Blanchett and George Miller, will walk the world's most famous red carpet.
Director Alejandro Gonzalez Inarritu's epic Western survival film The Revenant leads the nominations with 12 nods and is the favourite to win Best Picture and deliver star Leonardo DiCaprio his first Oscar.
DiCaprio has swept the awards season so far, taking home a SAG Award, Golden Globe and BAFTA for his gruelling role as wounded frontiersman Hugh Glass.
Chinchilla-born director Miller is up for his second Oscar for Mad Max: Fury Road, which is nominated for 10 awards.
While the big-budget action film did not earn any acting nods, it has delivered first-time Oscar nominations in the technical categories for several Australians including Miller's partner Margaret Sixel for editing, and production designers Colin Gibson and Lisa Thompson.
Despite a critically acclaimed performance in Carol, Cate Blanchett is unlikely to convert her seventh nomination into a win after losing Best Actress in previous awards to Room's Brie Larson.
The supporting actor categories are a bit more open. First-time nominees Alicia Vikander and Jennifer Jason Leigh are up against seven-time nominee Kate Winslet.
Sylvester Stallone is a sentimental favourite to win Best Supporting Actor for Creed, his first Oscar nomination since 1997 for Rocky.
Comedian Chris Rock finds himself poised to host the awards in a controversial year following complaints this year's nominations lacking diversity. The whitewashing complaint circulated on social media under the hashtag #OscarsSoWhite and several actors vowed to boycott the awards.
Rock has stayed quiet over the past few months during the diversity scandal, but he is expected to address the hot-button issue head-on during his opening monologue.
He certainly didn't why away from edgy one-liners when he hosted the award in 2005.
Channel 9 broadcasts the awards live from 11.30am Qld, 12.30pm NSW.