The Oscars return to Hollywood on Sunday, as nominees from top contending films including "CODA," "The Power of the Dog" and "Belfast" gather in a futuristic, glittering ballroom for the movie industry's biggest night.

After a year away from the Dolby Theatre due to the pandemic, the 94th Academy Awards are back in the heart of Tinseltown, where A-listers who have passed strict Covid-19 testing protocols will walk the red carpet in their finest gowns and tuxedos once again.

Dark, psychological Western "The Power of the Dog" had looked set to earn Netflix its much-coveted first best picture statuette, but the race has been flung wide open in the past few weeks.

"CODA" -- an uplifting drama from Apple+ TV about an eccentric deaf family, and their musical daughter who can hear -- has surged in popularity, and is now tipped by many industry insiders as the favorite.

Either would be a historic first best picture win for a streaming service.

Kenneth Branagh's childhood-inspired "Belfast" cannot be ruled out -- even if its director is one of several nominees whose presence at the Oscars was thrown into doubt by a positive Covid test last week.

"It's a two- or three-horse race," said Variety film awards editor Clayton Davis, who has witnessed "big momentum" for "CODA."

"People have had a very rough last two years. And 'CODA' is positive, it's feel-good. And I think voters are in a feel-good mood."

"It's a very tight race," agreed Hollywood Reporter awards columnist Scott Feinberg.

While Jane Campion's "The Power of the Dog" is adored by many, it is "a bit more polarizing" and "not everyone's cup of tea" -- a handicap, as Academy voters are asked to rank all 10 best picture nominees.

"CODA," which began life as an indie drama, benefits from being perceived as "the underdog," an Academy voter said.

"Some Academy members I speak to are still reluctant to vote for a Netflix film as a best picture. But then here comes Apple, a streaming service as well," said the voter, who spoke on condition of anonymity, noting the "twist of irony."

- 'Smart money' -
In a year when big-budget blockbusters finally hit reopened movie theaters and rival streamers amped up their libraries with star-packed new films, the acting categories are being contested by some of the biggest names in the business.

Will Smith is the strong favorite for best actor for his turn as the father of Venus and Serena Williams in "King Richard."

Feinberg called the best actress race "truly one where any of the five nominees could win," but said Jessica Chastain's portrayal of a real-life televangelist in "The Eyes of Tammy Faye" was the "likeliest" to strike Oscars gold.

Davis agreed that was the "smart money," but said there was "a lot of love for Penelope Cruz," who could spring an upset for Spanish drama "Parallel Mothers."

Kristen Stewart, Nicole Kidman and Olivia Colman are also vying for the statuette.

Troy Kotsur -- one of several deaf actors in "CODA" -- and former Broadway dancer Ariana DeBose of "West Side Story" are favorites in the supporting categories.

Campion is well-placed to become the third woman to win best director -- just a year after Chloe Zhao became the second -- and sci-fi epic "Dune" could win the most Oscars overall due to its dominance in technical categories.

- 'Fun and electric' -
The ceremony will take place beneath sweeping, fluorescent blue arches and thousands of sparkling crystals and LEDs, described by designer David Korins as a "fun and electric and exciting... picture of the future."

But television network ABC will hope for a return to the higher ratings of years past.

The 2021 gala was watched by a paltry 10 million viewers -- a 56 percent decline from 2020, which was already a record low.

Efforts to win back viewers include a new "fan favorite" prize voted for online by the public -- introduced after popular blockbusters such as "Spider Man: No Way Home" and Bond flick "No Time To Die" received only a handful of nominations.

And several attendees plan to use Sunday's red carpet interviews to speak out against a controversial decision to pre-tape the bestowing of awards in eight categories.

The pre-announced winners of best sound, best score and other less starry Oscars will have their speeches edited into the broadcast. But still, the perceived snub has been controversial in the industry.

"I understand that the Academy are working under tremendous pressure, but I think that they made a mistake," Denis Villeneuve, director of "Dune," told AFP.

The extra time will be allocated to longer musical performances and comedy skits from hosts Amy Schumer, Wanda Sykes and Regina Hall.

Beyonce will perform her nominated track from "King Richard," lending the gala much-needed stardust, while the latest 007 theme will be performed by fellow nominee Billie Eilish.

The Oscars televised ceremony begins at 5:00 pm (0000 GMT Monday).

Oscar nominees in main categories

Here are the nominees in key categories for the 94th Academy Awards, to be handed out in Los Angeles on Sunday.

Jane Campion's "The Power of the Dog," an eerie psychological Western about a repressed 1920s cattle rancher in Montana, leads with 12 nods, followed by sci-fi epic "Dune" at 10, and "Belfast" and "West Side Story" tied at seven.

- Best picture -
"Belfast"

"CODA"

"Don't Look Up"

"Drive My Car"

"Dune"

"King Richard"

"Licorice Pizza"

"Nightmare Alley"

"The Power of the Dog"

"West Side Story"

- Best director - 
Kenneth Branagh, "Belfast"

Ryusuke Hamaguchi, "Drive My Car"

Paul Thomas Anderson, "Licorice Pizza"

Jane Campion, "The Power of the Dog"

Steven Spielberg, "West Side Story"

- Best actor - 
Javier Bardem, "Being the Ricardos"

Benedict Cumberbatch, "The Power of the Dog"

Andrew Garfield, "tick, tick...BOOM!"

Will Smith, "King Richard"

Denzel Washington, "The Tragedy of Macbeth"

- Best actress -
Jessica Chastain, "The Eyes of Tammy Faye"

Olivia Colman, "The Lost Daughter"

Penelope Cruz, "Parallel Mothers"

Nicole Kidman, "Being the Ricardos"

Kristen Stewart, "Spencer"

- Best supporting actor - 
Ciaran Hinds, "Belfast"

Troy Kotsur, "CODA"

Jesse Plemons, "The Power of the Dog"

J.K. Simmons, "Being the Ricardos"

Kodi Smit-McPhee, "The Power of the Dog"

- Best supporting actress -
Jessie Buckley, "The Lost Daughter"

Ariana DeBose, "West Side Story"

Judi Dench, "Belfast"

Kirsten Dunst, "The Power of the Dog"

Aunjanue Ellis, "King Richard"

- Best international feature film - 
"Drive My Car" (Japan)

"Flee" (Denmark)

"The Hand of God" (Italy)

"Lunana: A Yak in the Classroom" (Bhutan)

"The Worst Person in the World" (Norway)

- Best animated feature - 
"Encanto"

"Flee"

"Luca"

"The Mitchells vs the Machines"

"Raya and the Last Dragon"

- Best documentary feature -
"Ascension"

"Attica"

"Flee"

"Summer of Soul"

"Writing with Fire"

- Best original screenplay - 
"Belfast" - Kenneth Branagh

"Don't Look Up" - Adam McKay and David Sirota

"King Richard" - Zach Baylin

"Licorice Pizza" - Paul Thomas Anderson

"The Worst Person in the World" - Eskil Vogt and Joachim Trier

- Best adapted screenplay - 
"CODA" - Sian Heder

"Drive My Car" - Ryusuke Hamaguchi, Takamasa Oe

"Dune" - Jon Spaihts, Denis Villeneuve, Eric Roth

"The Lost Daughter" - Maggie Gyllenhaal

"The Power of the Dog" - Jane Campion

- Films with six or more nominations - 
"The Power of the Dog" - 12

"Dune" - 10

"Belfast" - 7

"West Side Story" - 7

"King Richard" - 6