And the Oscar nominees are...

The list of nominees for this year's Oscar awards has been announced by the Academy of Motion Picture Arts and Sciences.

Contenders for the highly coveted awards include James Cameron's sci-fi masterpiece, Avatar, which will once again compete with Quentin Tarantino's Inglorious Basterds for the coveted Best Picture accolade. Others in this category include Disney/Pixar's Up along with audience favourite, Precious, based on the Novel ‘Push' by Sapphire.

Jeff Bridges, George Clooney and Morgan Freeman will slug it out in the Best Actor category; both Clooney and Freeman are past winners of the Best Supporting Actor Oscars for Syriana and Million Dollar Baby respectively. This would be the first nod for British actor Colin Firth (A Single Man) and Jeremy Renner (The Hurt Locker). It's the second nomination for Jeff Bridges (Crazy Heart); with a Golden Globe for best actor and a SAG already under his belt, the odds are in his favour to clinch the Oscar.

Veterans Helen Mirren and Meryl Streep are up for the Best Actress category along with Sandra Bullock and newcomers Cary Milligan and Precious' Gabourey Sidibe; whose co-star - comedienne Mo'Nique looks set to continue her award winning spree by getting her first statuette for the Best Supporting Actress category with her dramatic and heart wrenching performance as an abusive mother in the movie.

This is two-time winner Meryl Streep's 16th nomination, a record for Oscar recognition. The ceremony is set to take place on March 7 in Los Angeles.

It will be hosted by actors Alec Baldwin and Steve Martin and will be beamed live across the world.