The Academy of Motion Picture Arts and Sciences released the nominations Tuesday.
Roger Frappier, left, producer of "The Power of the Dog," poses with cast members Kodi Smit-McPhee, center, and Benedict Cumberbatch at the premiere of the film at the 2021 Toronto International Film Festival, Friday, Sept. 10, 2021, in Toronto. (AP Photo/Chris Pizzello)
Villeneuve missed out, however, on a nomination for directing, though he received one at this year's Golden Globe Awards.
He was nominated for Best Director for 2016's Arrival, and has won and been nominated for multiple other awards.
This is Frappier's first nomination for Best Picture but he was previously nominated twice, for Jesus of Montreal and The Decline of the American Empire, both in the Best Foreign Language Film category.
The Power of the Dog won the Best Picture Drama Golden Globe award this year.
Director Denis Villeneuve, left, and executive producer Tanya Lapointe pose for photographers upon arrival at the premiere of the film 'Dune' on Monday, Oct. 18, 2021 in London. (Photo by Vianney Le Caer/Invision/AP)