The Sam Worthington starrer alien drama is facing competition from Lone Scherfig's "An Education" and Kathryn Bigelow directed "The Hurt Locker" both of which have also got eight nominations.
According to the official website, "Avatar" has been nominated in the categories of best film, cinematography, editing, music, production design, sound and special visual effects. Cameron is nominated for the best director.
"An Education" too has has been nominated for best film as well as Outstanding British Film, adapted screenplay, costume design and make up and hair. Scherfig is nominated in the best director category, Alfred Molina in the supporting actor and Carey Mulligan in the leading actress category.
"The Hurt Locker" is nominated for best film, original screenplay, cinematography, editing, sound and special visual effects. Bigelow is also nominated for best director, Jeremy Renner for best leading actor category.
Completing the best film line up are George Clooney starrer "Up in the Air" and "Precious: Based on the Novel Push by Sapphire" both of which are also nominated for adapted screenplay.
Comedy film "The Hangover" has also got the best screenplay nomination for Jon Lucas and Scott Moore.
Competing for the best actor trophy are Jeff Bridges ("Crazy Heart"), Clooney ("Up In The Air"), Colin Firth ("A Single Man"), Jeremy Renner ("The Hurt Locker") and Andy Serkis ("Sex & Drugs & Rock & Roll).
Rubbing shoulders for the best actress award are Carey Mulligan ("An Education"). Saoirse Ronan ("The Lovely Bones"), Gabourey Sidibe ("Precious"), Meryl Streep ("Julie & Julia") and Adurey Tautou ("Coco Before Chanel").
The ceremony will take place Feb 21 at The Royal Opera House, Covent Garden, London.