Baxter, editor of The Girl with the Dragon Tattoo and an Oscar winner last year, is a 16-1 outsider with bookmakers, with the editors of The Artist, Anne-Sophie Bion and Michel Hazanavicius, the short-priced favourites at 4-6 and Hugo editor Thelma Schoonmaker the second pick at 2-1.
Hill, a producer of best picture candidate The Tree of Life, is at 100-1 odds to cause an upset over runaway favourite The Artist, which is expected to dominate the ceremony.
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The Artist, at almost unbackable odds of 1-28, is such a hot best picture favourite its closest competitor, George Clooney's The Descendants, sits at a healthy 25-1 on the second tier of betting.
The Artist's Jean Dujardin is the 8-15 favourite for best actor, while The Help's Viola Davis, 1-2, is expected to claim the best actress Oscar ahead of Meryl Streep, for The Iron Lady, at 7-4.
The ceremony, at the Hollywood Boulevard theatre formerly known as the Kodak Theatre before the film company filed for bankruptcy, is scheduled to begin at 12.30pm on Monday (AEDT).
