North Korean dictator Kim Jong-un and South Korean President Moon Jae-in are among the bookmakers' top contenders to win this year's Nobel Peace Prize.
US President Donald Trump, Pope Francis, Edward Snowden, Vladimir Putin, and Saudi blogger Raif Badawi are also among the favourites to be awarded the prestigious prize, which is set to be announced on Friday.
But Australian betting website SportsBet has Angela Merkel, Chancellor of Germany, to win at odds of $2.03.
Kim and Moon are at $2.64, followed by President Trump at $9.60, UNHCR ($11.50), Nadia Murad ($17.25), Denis Mukwege ($17.25) and Reporters Without Borders ($21.00).
Badawi is at odds of $30 while Pope Francis is a longer shot at $52.
There are 331 candidates for the Nobel Peace Prize for 2018 - the second highest number of candidates ever. The record of 376 candidates was set in 2016.
Of the candidates, 216 are individuals and 115 are organisations.
Kim Jong-un to win an 'extraordinary' proposition
Relations between the two Koreas were low in 2017 following North Korea's spate of nuclear weapon and missile tests.
But thanks to their leaders, both countries have taken tentative steps toward nuclear disarmament.
At a summit in September, they signed a declaration announcing they planned to turn the Korean peninsula into a “land of peace without nuclear weapons and nuclear threats."
The two nations were separated at the end of the Korean War in 1956.
President Trump was nominated for the Nobel Peace Prize by 18 Republican lawmakers in recognition of his efforts to denuclearise the Korean peninsula and bring peace to the region.
Australian Former foreign minister Julie Bishop praised Trump's "unorthodox" approach to dealing with North Korea.
Both Kim Jong-un and Donald Trump have been nominated for the Nobel Peace Prize 2018. Source: AAP
Ms Bishop said the US president had built a "personal relationship" based on trust with the North Korean leader.
"It has led to a situation where bookies are backing Kim Jong-un and President Jae-in Moon to be awarded the Nobel Peace Prize in a couple of hours from now," she said in Sydney.
"That is an extraordinary proposition in anyone's language."
US Secretary of State Mike Pompeo will travel to North Korea this weekend for denuclearisation talks, with the state department calling the move "forward progress", despite negative signals from Pyongyang.
