Observers of the movie industry are scrutinising the first of the big film festivals, Venice and Toronto, for any hint of something that might garner Oscar glory come February 22, 2009.

Some of the big hitters have already declared themselves, such as the Coen Brothers' new comedy Burn After Reading, which boasts the stellar duo of George Clooney and Brad Pitt alongside Coen regulars Frances McDormand and Richard Jenkins.

Jonathan Demme's Rachel Getting Married, featuring Anne Hathaway and Debra Winger in a comeback role, is also under the microscope. There are many others.

But while certain fests are seen as a given when it comes to showcasing new products, some companies run scared of releasing their biggies too early in case bad reviews and a poor reception affect the potential for gongs and box office. Thus many of the other Oscar-worthy contenders will be released between December 1, when the season begins, and January 12, when nomination polls close, to edge into a crowded awards market and avoid negative festival press.

Given that there are still six months to go before Oscar night, it would be downright foolish to spin the bottle and select any possible nominees. Yet there are already a few names on the table.

I'd like to see quality supporting player Richard Jenkins nominated for his lonely academic in The Visitor, along with Josh Brolin for Oliver Stone's seriocomic exposé of George W Bush in W. Expect Sean Penn to bag a nod as murdered gay official Harvey Milk in Milk. And what about 78-year-old Clint Eastwood, as a racist Korean War veteran in Gran Torino? With two best actor nominations but no wins, maybe his time has come.

Then there's Wall-E, the brilliant Pixar animation, surely a dead cert as best animated feature. That grande dame of Hollywood Meryl Streep, 59, also looks likely to pick up her 15th nomination for Doubt, playing a nun who suspects a priest of abusing a student. The smart money is on her winning, too.

And the big question: will Heath Ledger join the late, great Peter Finch in that sad, exclusive club by winning a posthumous Oscar for playing the Joker in The Dark Knight? It might happen, but it will be Hollywood sentiment that clinches it rather than anything to do with genuinely great acting.

And, talking of sentiment, if there are awards to be doled out on the basis of emotion, then for goodness sake give one to Clint Eastwood. It would make his day.