Stars and behind-the-scenes talent are keeping their fingers crossed in the hope of landing an Oscar nomination.
Among those being tipped are Jamie Bell for Billy Elliot and Catherine Zeta Jones for her role in Traffic.
Gladiator; Crouching Tiger, Hidden Dragon and Traffic are expected to dominate the shortlists when they are announced shortly after 1.30pm Irish time.
Other movie contests in the run-up to the Oscars - such as the Golden Globes and the Screen Actors Guild awards - give some indication of the likely chances of each of the movies.
Zeta Jones - who plays the wife of a drug smuggler who steps into his shoes after his arrest - was a best supporting actress nominee for the Globes, while Bell, who found fame as an aspiring ballet star in his film, is up for a SAG title.
Billy Elliot could also land Julie Walters a supporting actress nomination and first-time film-maker Stephen Daldry could be up for best director.
The Oscars ceremony takes place on March 25, hosted by Steve Martin.