The 87th Academy Award ceremony, which will be hosted by Neil Patrick Harris, is scheduled to happen on 22 February 2015 at Dolby Theatre in Los Angeles, California.
However, people have started predicting the winners of the prestigious awards for the Best Actor and Actress category.
For the best actor category, Steve Carell ("Foxcatcher"), Benedict Cumberbatch ("The Imitation Game"), Michael Keaton, ("Birdman"), Eddie Redmayne ("The Theory of Everything") and Timothy Spall ("Mr Turner") are likely to compete to get hold of the Academy Awards. However, speculations say that Keaton and Redmayne are likely to win the race.
And, for the best actress category, Felicity Jones ("The Theory of Everything"), Jennifer Aniston ("Cake"), Julianne Moore ("Still Alice"), Rosamund Pike ("Gone Girl") and Reese Witherspoon ("Wild") might fight the battle and Moore is said to be the frontrunner for the same.
Meanwhile, Cumberbatch's role as World War II code breaker Alan Turing in the biopic "The Imitation Game" makes him one of the strongest contenders at the 2015 Academy Awards.
On the other hand, Keaton has received many accolades for his role Edward Norton in the black comedy film "Birdman".
Also, Eddie, who received Hollywood Film Award for his performance as a physicist in the biopic "The Theory of Everything", might be nominated for the Oscars as well.
In the race for the Best Actress, Aniston's de-glam performance in the drama film, "Cake", is also creating an Oscar buzz.
Witherspoon's amazing acting in the epic movie, "Wild", based on the real-life story of Cheryl Strayed is rumoured to win her an Oscar nomination in Best Actress category.
However, the thriller drama "Gone Girl" is creating a lot of buzz for Pike's performance and she is also a strong contender for the Academy Awards.