But rivals vying for Academy Awards glory include British historical drama "The King's Speech," which many say could come good at the Oscars despite its disappointing Golden Globes showing earlier this month.
Movies also likely in the running for Oscars awards next month include Globes winners "Black Swan" and "The Fighter," lesbian parenting film "The Kids are Alright" and the Coen brothers' update of the Western classic "True Grit."
Hollywood watchers claim one of the safest Oscar bets is Colin Firth for best actor as the stammering King George VI, while Natalie Portman is tipped for best actress for her role in ballet-themed drama "Black Swan."
Jeff Bridges also has a buzz behind him for what would be his second Oscar in a row for "True Grit," while actress tips include Julianne Moore and Annette Bening from "The Kids Are All Right," or Nicole Kidman for "Rabbit Hole."
The best director shortlist is expected to include "Social Network" director David Fincher, Tom Hooper for "The King's Speech" and Christopher Nolan for thriller "Inception."
The nominations for the Oscars, by far the most prestigious of Tinseltown's awards season, will be unveiled at 5:30 am (1330 GMT) on Tuesday, launching the final straight toward the February 27 Academy Awards show.
"The Social Network" grabbed four Golden Globes, including Best Picture, on January 17, in what is traditionally seen as an indicator of success at the Academy Awards.
The Facebook movie, about how Mark Zuckerberg founded the social networking site, also won best director Globe for Fincher as well as best screenplay and best score.
"The King's Speech" scored only one Globe -- best actor for Firth -- while there were two for boxing movie "The Fighter" and one for "Black Swan," with Portman for best actress.
But industry observers note that the British royal movie could do better at the Oscars because it is better suited to the tastes of the 6,000-plus members of the Academy of Motion Picture Arts and Sciences.
The British movie, about King George VI's battle with a stammer, also got a small boost over the weekend when it won best picture award at the Producers Guild of America awards.
The Los Angeles Times noted that, for the past two decades, the Producers Guild of America results have correctly forecast the Oscar best picture 13 times.
"There's a good chance that 'The King's Speech' will score the most Oscar bids," said the newspaper's awards-watching correspondent, predicting as many as 11 nods for the British movie.
The producers' show was the latest in a string of ceremonies that make up the annual awards season. Others still to come include the Screen Actors Guild prizes on January 30.
But for insiders, the Oscars are the multi-billion-dollar industry's real deal, and much of Hollywood will therefore be up early Tuesday for the pre-dawn nominations announcement.
On the eve of the Oscars nominations, nominees for Hollywood's Oscars spoof the Razzies were revealed Monday, with the "Sex and the City" sequel and the final installment of teen vampire series "Twilight" top of the flops.
Jennifer Aniston, Ashton Kutcher, Robert Pattinson, Miley Cyrus and Barbra Streisand were also nominated by the Golden Raspberry Award Foundation, which organizes the annual salute to the worst of the worst.
