The announcement of the Nobel Literature prize, which is one of the most watched categories, is expected to be made on at 1:00 pm (11:00 GMT).
Here are some of the names that have hit the media as "most likely" winners:
- American novelist Philip Roth
- Cormac McCarthy, another American novelist
- Canadian short story writer and 2009 Man Booker International Prize, Alice Munro
- Ngugi wa Thiong'o of Kenya
- Somalian Nuruddin Farah
- Algerian novelist and poet Assia Djebar
- Adonis of Syria
- Ko Un of South Korea
- Tomas Transtroemer of Sweden
- World renowned American writer, Joyce Carol Oates
- Canadian writer Margaret Atwood
- Israeli Amos Oz
- Peruvian Mario Vargas Llosa
- Haruki Murakami of Japan
In 2009, the Nobel Prize for Literature was awarded to Herta MÜller, Romanian-born German novelist and poet.
Speaking on the winner, the Nobel foundation remarked, Muller "who, with the concentration of poetry and the frankness of prose, depicts the landscape of the dispossessed".
Prizes for medicine, physics and chemistry have already been announced. After Literature, award for economics and the most watched Peace Prize will be announced.
The 2010 laureates will pocket 10 million Swedish kronor or 1.49 million dollars which can be split between up to three winners per prize.