The pair are up against Hollywood heavyweights including Michael Keaton for the award.
Eddie’s co-star in The Theory Of Everything, Felicity Jones, and Rosamund Pike were both nominated for the leading actress gong. His portrayal of Stephen Hawking has already won him a Golden Globe and he will be among the favourites to win the Oscar statuette.
The other nominees are Steve Carell and Bradley Cooper.
Felicity, who played Professor Hawking’s wife in the film, and Gone Girl star Rosamund face competition from Reese Witherspoon, Julianne Moore and Marion Cotillard.
Keira Knightley, who stars alongside Benedict in The Imitation Game, is nominated for the best supporting actress award alongside Oscars veteran Meryl Streep.
The film, based on the life of pioneering scientist and code-breaker Alan Turing, is also nominated for best picture along with The Theory Of Everything, American Sniper, Birdman, Boyhood, The Grand Budapest Hotel, Selma and Whiplash.
The early odds suggest Redmayne faces competition from Keaton in the race to be named Best Actor.
The US star is 4-5 to win, just marginally ahead of Eddie at 10-11, according to bookmaker William Hill.
The firm’s spokesman, Rupert Adams, said: “The betting suggests that five of the six major awards have nailed-on winners, whilst the Best Actor betting suggests a High Noon-style mano y mano between Eddie Redmayne and Michael Keaton, either of whom could draw first.”
Among those who were tipped for a nomination, but missed out were actors Ralph Fiennes and David Oyelowo, both critically acclaimed for their work in The Grand Budapest Hotel and Selma respectively, and Nick Hornby whose work on the screenplay of Wild went unrecognised.
Former Friends star Jennifer Aniston also missed out despite impressing the critics with her performance in Cake.
Other notable nominations include two for French composer Alexandre Desplat, who is recognised for his original score for The Grand Budapest Hotel and The Imitation Game.