Australian filmmaking duo Luke Doolan and Drew Bailey will live a lifelong dream when they walk the red carpet alongside the likes of Quentin Tarantino and Meryl Streep at the Kodak Theatre for the 82nd Annual Academy Awards.
The ceremony is set to begin at noon on Monday (AEDT).
Doolan, 30, from Darwin, and Drew Bailey, 33, from Wollongong, are nominated in the live action short film category for their movie, Miracle Fish, but they agree they will need a miracle to win the Oscar.
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The likable twosome expect to leave the Kodak Theatre empty-handed, although they plan to have a great time.
"No, I don't think we're very high on the list of chances to win," Bailey told AAP.
"We're just happy to be there.
"We just want to enjoy ourselves and whatever happens happens."
Bookies don't favour Aussies
Bookmakers do not believe the Aussies will win and have installed The Door, about a family dealing with the 1986 Chernobyl nuclear disaster, and Kavi, a story about an Indian slave boy, as the top picks for the short live action film category.
If by some miracle Doolan and Bailey win, it will be up to Doolan to deliver the acceptance speech.
Under new rules introduced by Academy organisers to ensure a slick TV telecast, only one person can speak for a winning category.
"If a second tries, the producers of the show will cut them off," Bailey said.
"They told us to nominate who will talk beforehand.
Luke to do all the talking
"If by any any chance we do happen to fluke it, Luke will do the talking and I'll be standing there looking weirded out."
Two other Aussies, costume designer Janet Patterson for Bright Star and producer Carolynne Cunningham for the best picture-nominated District 9, are in the running for Oscars, but both are considered long shots.
Most interest centres on the David versus Goliath battle between blockbuster Avatar and the small independent Iraq war drama, The Hurt Locker.
All eyes on Avatar, The Hurt Locker
Avatar and The Hurt Locker have nine nominations each and will duel for best picture and director.
Avatar's director, James Cameron, and The Hurt Locker's Kathryn Bigelow were once married, adding an interesting twist to the battle.
If Bigelow wins she will become the first female to win best director at the Oscars.
In the other key categories, Jeff Bridges (Crazy Heart) is the short-priced favourite for best actor; Christoph Waltz (Inglourious Basterds) appears to have supporting actor locked up; and Mo'Nique (Precious) is at unbackable odds to win the supporting actress award.
The best actress contest is an interesting one, pitting Sandra Bullock (The Blind Side) against Oscar queen Meryl Streep (Julie & Julia).
