Cate Blanchett will win the Oscar for Best Actress on the evening of March 2, 2013 and if she doesn't - and Meryl Streep steals the award - it could be one of the biggest upsets in the history of the Academy Awards. 

Woody AllenBobby Cannavle [R], Max Casella and Woody Allen [R] On The Set of 'Blue Jasmine'

As the current 1/3 favourite for her performance as New York multimillionaire Jasmine Francis in Woody Allen's new movie Blue Jasmine, the Australian actress is approaching Daniel Day-Lewis's Lincoln territory. The actor's third Oscar win was inevitable and considered a shoo-in months ahead of the ceremony - months ahead of the announcement of nominations.

Allen's new movie follows Jasmine and her wealthy husband Hal - a couple living the high life in Manhattan with mansions, yachts and wealthy friends. When Hal suddenly asks for divorce - owing to his love for another woman - Jasmine takes revenge and exposes her soon to be ex-husband as a crooked financier. 

Blue Jasmine is bolstered by strong supporting performances from Alec Baldwin, the comedian Louis CK, British actress Sally Hawkins, Peter Sarsgaard and Andrew Dice Clay - an inspired casting from Allen - though Blanchett remains the true draw. 

During an interview with BBC's Newsnight ahead of Blue Jasmine's release in the UK, Allen spoke of his surprise at landing Blanchett - one of the most sought after actresses in the world.

"As I was writing it, I thought to myself it would be great if I could get Cate Blanchett but what are the odds that she'll be free when I need her?" he told Stephen Smith.

"It's like a gift it's like being given a hydrogen bomb or something, you don't need to worry about anything anymore."

Cate Blanchett Alec BaldwinAlec Baldwin and Cate Blanchett in Woody Allen's Blue Jasmine

Though the movie itself is critically considered one of the best of Allen's career, the movie writers and unsurprisingly infatuated with Blanchett's performance.

"You have to dig deep in Allen's back catalogue to find a single performance as affecting and well-judged as the one Cate Blanchett delivers," said Dave Calhoun of Time Out.

"Blanchett in "Blue Jasmine" is beyond brilliant, beyond analysis. This is jaw-dropping work, what we go to the movies hoping to see, and we do. Every few years," gushed Mick LaSalle of the San Francisco Chronicle.

"Blanchett owns this movie as thoroughly as her character owns her delusions," said Ann Hornaday of the Washington Post.

Blanchett will likely find herself alongside Meryl Streep, Sandra Bullock and Judi Dench in the running for Best Actress come March - though it appears as though this race could already be over. 

Blue Jasmine hits cinemas in the UK on 27 September 2013.

Watch the Blue Jasmine trailer: