Colin Farrell and Bill Nighy are fighting for their first Oscar nominations

Colin Farrell and Bill Nighy are vying for their first Oscar nominations for Best Actor.

If nominated, the pair are expected to face American heavyweights Austin Butler and Brendan Fraser, who have also garnered acclaim for their performances in Elvis and The Whale, respectively.

The nominees for the 95th Annual Academy Awards are due to be announced on Tuesday from 1.30pm UK time and will be read by Riz Ahmed and Allison Williams.

Nighy and Farrell have already garnered acclaim for their performances at other awards shows, with Farrell winning the Golden Globe Award for Best Actor – Motion Picture, Musical or Comedy.

The Irish star appears opposite longtime friend and colleague Brendan Gleeson in Martin McDonagh’s dark comedy The Banshees Of Inisherin, set on a remote island off the coast of Ireland.

Nighy has previously been praised for his turn in Life, in which he portrays a civil service veteran who is inspired to make the most of his remaining days after a dull life.

Paul Mescal, who stars in the coming-of-age drama Aftersun, also stands a chance of earning an Oscar nomination for Best Actor – increasing his chances of success at home.

It may also turn out that the Best Supporting Actor category will consist of British and Irish talent, with Gleeson, Barry Keoghan and Eddie Redmayne already scouted.

If everyone gets nods, they’ll likely have to go up against Ke Huy Quan, the star of Everything Everywhere All At Once, who has so far led the field in both nominations and wins for his performance.

Co-starring Michelle Yeoh, Jamie Lee Curtis and Stephanie Hsu, this sci-fi thriller follows a family caught up in a multiverse brawl after a dimensional break.

The film dominated the Critics Choice Awards, including Best Picture, Best Director and Best Supporting Actor for Quan.

80th Annual Golden Globes - Press Room

Farrell has won multiple awards for his role in Martin McDonagh’s dark comedy The Banshees Of Inisherin (Chris Pizzello/AP)

Yeoh won Best Actress in a Motion Picture, Musical or Comedy at the Golden Globes, and if she is nominated for the Best Actress Oscar, she is likely to face stiff competition from Cate Blanchett.

Blanchett’s performance in Tar, which continues to unravel the case of the eminent conductor Lydia Tar, has already won her both a Golden Globe and a Critics Choice Award.

Following earlier successes, The Banshees Of Inisherin and Everything Everywhere All At Once are expected to be nominated for Best Picture as well as Steven Spielberg’s The Fabelmans.

This film follows young filmmaker Sammy Fabelman, played by Gabrielle LaBelle, and his burgeoning career in the film industry – based in part on the life story of Spielberg himself.

If nominated, the trio could face blockbuster sequels including James Cameron’s Avatar: The Way Of Water and Tom Cruise’s high-octane Top Gun: Maverick.

Spielberg and McDonagh may also continue to compete for Best Director, having both received nominations in parallel categories at other awards shows.

The nominations in all 23 categories will be read during a live presentation from the Academy’s Samuel Goldwyn Theater and via global livestream on Tuesday.

The star-studded Oscars ceremony, hosted by American talk show host and comedian Jimmy Kimmel, will take place on March 12 at the Dolby Theater in Los Angeles.

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