There's still a while to go until the starting gun for the Hollywood's awards race is blown, but Australia already has four potential contenders at this year's Oscars. Cate Blanchett, Mia Wasikowska, Naomi Watts and Nicole Kidman have been listed as hot favourites to receive best actress nominations at the awards by industry publications The Hollywood Reporter, Deadline and Variety.

Blanchett's performance as a fallen New York socialite in Woody Allen's Blue Jasmine has generated enough buzz in Tinseltown for the actress to be placed as a firm contender for the gong by Academy Awards predictors.

Canberra-raised Wasikowska, meanwhile, could become the youngest Australian actress to be nominated for an Oscar. She's a favourite to win an award for her role in Tracks, based on the true story of journalist Robyn Davidson's journey across the Australian desert.

Meanwhile, Nicole Kidman could continue her legacy of having the most nominations for an Australian in the best actress category. She's roused talks of a nomination for two flicks - playing a widowed mother in the psychological thriller Stoker, and the late Grace Kelly in Grace of Monaco.

Naomi Watts could make it her third nomination in the category, for her role as the People's Princess in the forthcoming flick Diana. But all four actresses will have to wait until January 2014 to find out whether they've made the Oscar nomination list. The winner will be revealed on March 2.

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