The black-and-white movie, which has won a string of awards over the last two months, is vying to become the first silent film in eight decades to win the Academy Award for best picture next month.
But the French-directed film's chances depend on who gets nominated by the 6,000-odd members of the Academy of Motion Picture Arts and Sciences, to be announced early Tuesday at its Beverly Hills headquarters.
Its relatively unknown director Michel Hazanavicius is vying for the top prize against Hollywood heavyweights, including Martin Scorsese for his lavish 3D adventure "Hugo" and Steven Spielberg with equine epic "War Horse."
Veteran Woody Allen's rare commercial hit "Midnight in Paris" has received critical acclaim, while Alexander Payne's Hawaii-based family drama "The Descendants," starring George Clooney, is also in the running.
Baseball movie "Moneyball," starring Brad Pitt, could also be shortlisted for best picture, as could powerful civil rights drama "The Help."
"The Artist" has already been nominated for best film by the Directors Guild of America (DGA) and won the top prize from the Producers Guild of America (PGA) last week — both seen as key indicators of Oscars glory.
The film, a tribute to the silent movie era in which a non-talking star battles to save his career after it is torpedoed by the arrival of the "talkies," also won the best picture Golden Globe on January 15.
French actor Jean Dujardin, who plays struggling silent star George Valentin, is among those tipped for a best actor nod when the Oscar nominations are announced at 5:30 am (1330 GMT) on Tuesday.
Rivals for best actor are widely expected to include Clooney for "The Descendants" and Pitt for his performance as a baseball manager using unusual methods to put together a winning team.
Oscars veteran Meryl Streep will almost certainly be in the running for best actress for her gripping turn as British premier Margaret Thatcher — both in her prime and in dementia-shrouded old age — in "The Iron Lady."
Actresses up against her are tipped to include Viola Davis — who plays black maid Aibileen in "The Help" — and Michelle Williams as Hollywood icon Marilyn Monroe in "My Week with Marilyn."
Glenn Close could win a nod for her cross-dressing role in "Albert Nobbs," as could Briton Tilda Swinton for "We Need to Talk About Kevin."
Best director nominees are likely to include Scorsese, Allen, or Clooney for political thriller "The Ides of March" — as well as Hazanavicius, who has recently grown used to giving acceptance speeches in English.
The foreign language shortlist will likely include Iran's "A Separation," which won that category at the Globes, while films from Belgium, Canada, Denmark, Germany, Israel, Morocco, Poland and Taiwan are also in the running.
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