The long anticipated release of this year's Oscar nominations have officially been released with "DreamGirls" leading the pack with a whopping 8 nominations. While the cast of "Dreamgirls" is receiving rave reviews, the picture was not nominated for best picture unlike "Babel", "The Departed", "Letters from Iwo Jima" and "The Queen". This year's top films will battle it out for ultimate recognition at the 79th Annual Academy Awards.

Who will take home the gold at this year's ceremony? Some of the favorites include Martin Scorcese as best director for "The Departed", Forest Whitaker as best actor for "The Last King of Scotland" and Helen Mirren as best actress for "The Queen".

Regardless of who wins, you can expect a night filled with glitz, glamour and memorable acceptance speeches which are always a highlight of the night.

Here's the complete list of this year's Oscar nominations:

"2007 Academy Award Nominees" Best Picture

Babel
The Departed
Letters from Iwo Jima
Little Miss SUnshine
The Queen

"2007 Academy Award Nominees" Best Director

Clint Eastwood, "Letters From Iwo Jima"
Paul Greengrass, "United 93"
Alejandro González Iñárritu, "Babel"
Stephen Frears, "The Queen"
Martin Scorcese, "The Departed"

"2007 Academy Award Nominees" Best Actor

Leonardo DiCaprio, "Blood Diamond"
Ryan Gosling, "Half Nelson"
Peter O'Toole, "Venus"
Will Smith, "The Pursuit of Happyness"
Forest Whitaker, "The Last King of Scotland"

"2007 Academy Award Nominees" Best Actress

Penelope Cruz, "Volver"
Judi Dench, "Notes On A Scandal"
Helen Mirren, "The Queen"
Meryl Streep, "The Devil Wears Prada"
Kate Winslet, "Little Children"

"2007 Academy Award Nominees" Best Supporting Actor

Alan Arkin, "Little Miss Sunshine"
Jackie Earle Haley, "Little Children"
Dijmon Hinsou, "Blood Diamond"
Eddie Murphy, "Dreamgirls"
Mark Wahlberg, "The Departed"

"2007 Academy Award Nominees" Best Supporting Actress

Cate Blanchett, "Notes On A Scandal"
Abigail Breslin, "Little Miss Sunshine"
Jennifer Hudson, "Dreamgirls"
Rinko Kikuchi "Babel"

"2007 Academy Award Nominees" Best Foreign Film

After The Wedding
Days Of Glory
Lives of Others
Pan's Labyrinth
Water

"2007 Academy Award Nominees" Best Original Screenplay

Babel
Letters From Iwo Jima
Little Miss Sunshine
Pan's Labyrinth
The Queen

"2007 Academy Award Nominees" Best Adapted Screenplay

Borat
Children Of Men
Little Children
The Departed
Notes On A Scandal

Tune into the 79th Annual Academy Awards Febraury 25, 2007 at the Kodak Theatre.