This year's supporting actress field is equally competitive, with Blanchett's "Blue Jasmine" co-star Sally Hawkins receiving lots of buzz. There's also been talk of a nod for last year's best actress winner Jennifer Lawrence for her work in "American Hustle." The 23-year-old actress has been garnering rave reviews for her performance as a troubled New Jersey housewife. "12 Years a Slave" actress Lupita Nyong'o and 84-year-old "Nebraska" co-star June Squibb are additional favorites.
"Dallas Buyers Club" star Jared Leto seems to be the top contender for the supporting actor field. Leto lost nearly 40 pounds to play the part of a transgender HIV patient. Other possibilities include Barkhad Abdi for "Captain Phillips," Jonah Hill for "The Wolf of Wall Street" and Geoffrey Rush for "The Book Thief."
Leto, DiCaprio, Adams, Lawrence, McConaughey and Blanchett all recently won awards for their performances at this year's Golden Globes, seen as a predictor of what to expect come Oscar time.
This year's ceremony will have a special theme devoted to movie heroes. Expect to see cinematic legends from films both old and new throughout the night.
Ellen DeGeneres will serve as host for the telecast. The funny-lady and talk show host previously hosted the high-profile awards show in 2007. DeGeneres hasn't announced any of her predictions, but it seems she does have one favorite in particular:
"Philomena" is a great movie. Go see it! I think I might have #PhiloMania.— Ellen DeGeneres (@TheEllenShow) January 14, 2014
In December, an Oscars trailer was released featuring DeGeneres and 250 dancers dressed in matching tuxedos dancing to Fitz and the Tantrums' "The Walker." Watch the video below to get into the Oscars spirit, and to learn a move or two from DeGeneres.
The 86th Academy Awards will air Sunday, March 2, at 7 p.m. ET on ABC. Return to CBSNews.com Thursday morning for a live stream of the nominations, scheduled to begin at 8:30 a.m. ET.
Tell us: Who do you hope gets nominated?