According the American magazine, Variety, Penélope Cruz, who won an Oscar last year for her role in 'Vicky Cristina Barcelona', is one of the favourites for the coveted prize again this year.

Variety magazine was impressed by Cruz's performance in the musical 'Nine' which opens in cinemas in December and includes an all-star cast of Nicole Kidman, Sophia Loren, Marion Cotillard, Kate Hudson and Judi Dench, and considers it one of the five best supporting actress performances this year.
 
According to the Hollywood magazine, Cruz's rivals for the Oscar for Best Supporting Actress are:  Julianne Moore for 'A Single Man', Mo'Nique for 'Precious' and Anna Kendrick & Vera Farmiga for 'Up in the Air'.

If she were shortlisted, this would be the Spanish actress's third nomination after 'Vicky Cristina Barcelona' (2008) and 'Volver' (2006).  According to Variety, Meryl Streep is again one of the favourites for the Oscar for Best Actress for her role in 'Julie & Julia'.

As far as the men are concerned, Variety is backing Jeff Bridges for 'Crazy Heart', George Clooney for 'Up in the Air', Daniel Day-Lewis for 'Nine', Colin Firth for 'A Single Man', Morgan Freeman for 'Invictus' and Jeremy Renner for 'The Hurt Locker'.