With just hours before the biggest red carpet event of the year >squeal< Grazia Daily looks into our magical crystal ball to predict what the stars will be wearing to the Oscars 2011...

We can guarantee one thing: all eyes will be on Natalie Portman at tonight's ceremony. Not only is she nominated for Actress in a Leading Role for her turn in Black Swan but this awards season, she's swept up every accolade on offer whilst styling up her baby bump, thus making her a sure-fire winner. But what will the pregnant actress wear? Grazia's bets are, obviously, on Dior, not least because Portman's the face of Miss Dior Cherie and she's refrained from wearing John Galliano's creations thus far. Plus, our hopes are high for a touch of shabang after she turned up to yesterday's Spirit Awards wearing this full-skirted dress covered in acid yellow lace from Givenchy by Riccardo Tisci. Of course, more drama, more colour are always welcome so we're pinning our dress dreams on this flamboyant ballgown from Dior's recent couture collection. The billowing skirt is perfect for concealing a bulging tum, the tones are striking yet subtle and all those feathers would transform Miss Portman into the most beguiling of swans. Do it, do it!

Meanwhile, 14-year-old Hailee Steinfeld is too young to wear an overtly skin-flashing frock so that instantly rules out Versace-like floor-sweepers, but presents us with some fun, hipster designers to play with. After wearing this kooky Vionnet tunic to last night's pre-Oscar cocktail party [above], as well as those bold Prada stripes to the Golden Globes, we know Hailee’s well suited to quirkiness in an intelligent, rather than wacktaular, way. Step forward Proenza Schouler, the uber cool New York duo who love vibrant colours and tactile textures. We reckon one of their A/W '11 stunners, like this geometric velvet frock, would do the job for the True Grit star.

Ah yes, Nicole Kidman's known for her demure approach, sporting ladylike and largely covered-up designs, so we have every faith she'll stay true to tradition tonight. We've already expressed our desire for the Actress in a Leading Role nominee to bring this aniseed green sparkler from Elie Saab's couture catwalk to the Oscars red carpet and we're going to throw it out there again. Why? Well, the colour would look divine against her porcelain features and fair hair while the capped sleeves, high neck and lack of frou-frou are classic Kidman-ville, but with an ounce of sparkle.

Newbie on the awards block is Jennifer Lawrence, who's fast proving herself to be an uber-feminine, and super-seductive, dresser. That killer figure of hers sure helps. This evening, she's up against Hollywood heavyhitters Natalie and Nicole for the Actress in a Leading Role gong, which is why we advise she dons a real showstopper. Et voila, this flouncey pale pink gown from red carpet experts Atelier Versace is right up her street.

And we finish today's speculation with Michelle Williams, yet another Leading Actress contender. The blonde cutie chose a floral design by Valentino for the Golden Globes but it was more shower curtain chic than pretty elegance, right? So we want to see her giving the brand another go because well, we know she can do better, and this sheer couture gown, adorned with delicate embellishments, is exactly how to do it. Please!

Not long to go until we find out whether our dreams will come true so while we wait, prepare those frock-watching, fashion-jurying minds of yours, people, and don't forget to stay tuned to Grazia Daily as we bring you all the frock action LIVE from the Oscars red carpet. Eeeep!