Daniel Day-Lewis's domination of the awards season is expected to continue at the Baftas, where he is hot favourite to win the Best Actor award.
The star, who has already won a Golden Globe and a Screen Actors Guild award for his performance in the title role of Steven Spielberg's political biopic 'Lincoln', is also tipped to win an Oscar later this month.
Daniel Day-Lewis is this year's Awards frontrunner
He will be joined at Sunday's event, formally known as the EE British Academy Film Awards, by some of Hollywood's biggest names including Jessica Chastain, Anne Hathaway and George Clooney.
Dame Helen Mirren, Hugh Jackman, Javier Bardem and Jennifer Lawrence are also among the stars who will be treading the red carpet at the Royal Opera House in Covent Garden for the ceremony, which is being screened by BBC1.
'Lincoln' leads the field in terms of nominations with 10 in total, with nine each for Les Miserables and Life Of Pi.
Bookmakers William Hill have made Daniel, who plays US President Abraham Lincoln in the film, 1/25 on to win the Bafta and are also predicting success for the Bond film 'Skyfall'.
Two Bond stars - Dame Judi Dench and Javier Bardem - get nods with 'Skyfall' itself nominated for Best British Film.
The stars of 'Skyfall' - Javier Bardem, Dame Judi Dench and Daniel Craig - will be hoping for a BAFTA windfall
A spokesman for William Hill said: "'Skyfall' is arguably the best Bond in 50 years and we think that the British Academy will be tempted to recognise that on Sunday night."
Javier's performance as Bond villain Raoul Silva in 'Skyfall' has been recognised with a nomination for Supporting Actor along with Daniel's 'Lincoln' co-star Tommy Lee Jones, Alan Arkin, Christoph Waltz and Philip Seymour Hoffman.
Dame Judi is nominated for Best Supporting Actress for her role as spy master M in the same film which has eight nominations. She faces competition from Anne Hathaway who is nominated for her role in the big screen version of 'Les Miserables'.
PICTURES: Winners from BAFTAS 2012 - Anyone remember 'The Artist'?Suggest a correction