The coveted Academy Award for Best Picture is expected to be won by a streaming service film for the first time in history at this year’s Oscars.

The Power of the Dog from Netflix and CODA from Apple TV+ are the two favourites for the top gong at the highly anticipated 94th Academy Awards – with a best-picture nomination also given out to Netflix film Don’t Look Up.

To be held at the glitzy Dolby Theatre in Hollywood, the ceremony will get under way at 11am (Australia time) on Monday and can be watched on Channel Seven and 7Plus.

Amy Schumer, Wanda Sykes and Regina Hall will host the ceremony – with Schumer pledging to “burn every bridge” in her duties earlier this month – and Oscars producer Will Packer says it will flow like a movie.

“The show will flow, not unlike a movie, in that there will be different themes and a different feel and different energy throughout the night,” Packer said.

“It will not feel or look or sound like one show for three hours. It’s taking you through the course of this cinematic journey.”

The biggest show in town is back. Photo: Getty

Five days before the highly anticipated 94th Academy Awards, the streets of Hollywood and Highland were blocked off to allow crews to build the massive red carpet, where celebrities will step out in designer gowns and tuxedos.

The Seven network holds the exclusive Oscars broadcast this year and will begin broadcasting from the red carpet on Sunrise at 5.30am.

“I’ve covered floods, fires, elections and terror attacks, so to frock up and head to the biggest red carpet of them all is going to be different, exciting and a whole lot of fun,” Sunrise journalist Natalie Barr said.

The Dolby Theatre has been transformed for your viewing pleasure. Photo: Getty

Among the stars expected to hand out awards are Bill Murray, Lady Gaga, Kevin Costner, Samuel L Jackson, Zoe Kravitz, Anthony Hopkins, Lily James, Daniel Kaluuya, Mila Kunis, John Leguizamo, Simu Liu, Rami Malek, Lupita Nyong’o, Rosie Perez, Woody Harrelson and Wesley Snipes.

On Wednesday, the academy squashed one pre-show controversy by confirming West Side Story star Rachel Zegler would be a presenter, days after the actor revealed on social media she was yet to receive an invitation.

Jason Momoa, Serena and Venus Williams, JK Simmons, Josh Brolin, Jake Gyllenhaal, Jacob Elordi and Jill Scott are also included as presenters.

And appearances are expected from Beyonce, Billie Eilish, Chris Rock, Naomi Scott, Tony Hawk, Uma Thurman, John Travolta, Yuh-Jung Youn, Halle Bailey, Sean ‘Diddy’ Combs, Jamie Lee Curtis, Shawn Mendes, Tyler Perry, Tracee Ellis Ross, Stephanie Beatriz, Jennifer Garner and DJ Khaled, to name a few.

Who are the favourites?

Fresh from its success at the BAFTAs, Jane Campion’s The Power of The Dog is a strong favourite for Best Picture, but only if it can fend off a late advance from dark horse CODA.

Meanwhile, Will Smith is a frontrunner for best actor (King Richard), Jessica Chastain is tipped for best actress (The Eyes of Tammy Faye), Troy Kotsur for best supporting actor (CODA), and Ariana DeBose for best supporting actress (West Side Story).

Nicole Kidman has been nominated for best actress for her role as Lucille Ball in Being The Ricardos, while fellow Australian Kodi Smit-Phee has been nominated for best supporting actor for his role in The Power of the Dog.

You can find the full list of this year’s nominations here.

Seven and 7Plus will start their broadcast at 5.30am on Monday, March 28.