The Norwegian Nobel Committee will announce the selection of the 2020 Nobel Peace Prize winner, based on a group of 318 proposals.
Among the 211 inpidual candidates is Swedish climate activist Greta Thunberg. The 17-year-old was also nominated last year to inspire a global movement calling for action on climate change.
The Nobel Peace winner will be announced at 11 am (0900 GMT).
Several online betting sites are offering a prize in favor of Thunberg, or the World Health Organization for their efforts in tackling the coronavirus pandemic.
Although Thunberg is not ruled out, many peace researchers have doubts about the WHO's chances of winning amid the ongoing pandemic.
Moreover, US President Donald Trump has been nominated by two Scandinavian MPs; it is not known whether he is a candidate this year. President Trump seems to revel in the idea of being a Nobel laureate, given the number of tweets he has written about the possibility. But experts don't think that will happen.
Last year, Ethiopian Prime Minister Abiy Ahmed was honored for his efforts to promote regional peace, most notably with Eritrea.
The Prize winners in medicine, physics, chemistry and literature were already announced days ago. The winner of the economics prize will be announced next Monday.
Each prize is valued at 10 million Swedish kronor ($1.1 million).
Organizers said this year's award ceremonies - traditionally held on December 10 each year, commemorating Nobel's death - have been curtailed by the pandemic.