The Aviator, a biography of billionaire businessman Howard Hughes-- leads with 11 nominations; including best picture, best director for Martin Scorsese and best actor for Leonardo DiCaprio.
Finding Neverland a story about writer J.M. Barrie, the author of novel Peter Pan, and Million Dollar Baby a film about a female boxer each have seven nominations; including best picture.
The other nominees for best picture are the independent film Sideways and Ray about the life of musician Ray Charles. The front-runner in the best actor category is Jaime Foxx, who plays Ray Charles in the film. He is also nominated for best supporting actor for the film Collateral.
Best actor nominees include Don Cheadle for Hotel Rwanda, Johnny Depp for Finding Neverland, and Clint Eastwood, who is also nominated for best director for Million Dollar Baby.
In the best actress category, the race is seen as a repeat of the 1999 contest between Annette Bening, nominated this year for Being Julia, and Hilary Swank for Million Dollar Baby.
Five years ago, Swank won for her role in the film Boys Don't Cry. The other nominees for best actress are Imelda Staunton for Vera Drake, Kate Winslet for Eternal Sunshine of the Spotless Mind, and newcomer Catalina Sandino Moreno for Maria Full of Grace.