The composer, who won a double Oscar for his work in "Slumdog Millionaire" in 2009, is now vying for the golden statuette for the original score with John Powell ("How To Train Your Dragon"), Hans Zimmer ("Inception"), Alexandre Desplat ("The King's Speech"), Trent Rezmor and Atticus Ross ("The Social Network") in the original music category.
Rahman is sharing his nomination for best song category with Dido and Rolo Armstrong, who have penned the lyrics of "If I Rise".
In a recent interview with IANS, Rahman had said he would be happy to receive a nomination, but isn't expecting an award this time.
"I'll be happy if I get nominations but I've got enough Oscars already for one lifetime. I don't think I'll get an Oscar. I'll enjoy the function and see it, but I don't think I'll be getting it," he said.
Soon after he lost out on the Golden Globe award for "127 Hours", the 45-year-old received a nomination for the same project at the British Academy of Film and Television Arts (BAFTA) awards. He also won the Best Original Song award at the 16th Critics' Choice Movie awards for "127 Hours" that is releasing in India Wednesday.