The film has sparked controversy for its portrayal of cartel violence in Mexico and its transgender lead character.

Variety's final Academy Awards nomination predictions which include "Wicked," "Conclave," "Emilia Pérez," "The Brutalist," "Anora" and more.

Emilia Pérez has the potential to set an Oscar milestone when the nominations are announced on Thursday. The Spanish-language Netflix musical drama about a trans drug lord could establish a new record for most nominations for an international film.

Oscars Predictions in every category which include "Anora," "Emilia Perez," "Conclave," "Dune 2," "The Brutalist," "Wicked," and "A Real Pain."