The film starring Aamir Khan, Siddharth, Sharman Joshi, Kunal Kapoor, Soha Ali Khan and Alice Patten revolves around a young British filmmaker Sue (Patten) who comes to India to make a film on the revolutionaries - Bhagat Singh, Sukhdev and Rajguru - who had left an everlasting impression on her grandfather.
The film depicts the awakening of the young generation, inspired by the legendary freedom fighters.
The producer of the film, the Mumbai-based UTV Software Communications, confirmed the selection.
"It is true that the film is going for the Oscars. Right now we are holding meetings to chalk out the plans to promote the film," a UTV spokesperson told over phone.
"Rang De Basanti" has thus beat "Munnabhai Lage Raho" and "Omkara", among other Oscar contenders, in the race.