Martin McDonagh’s film has the second most nominations with nine, a number matched by Darkest Hour.
The 71st BAFTA film awards is taking place at London’s Royal Albert Hall.
Joanna Lumley replaces Stephen Fry as the ceremony’s host which is set to kick off at 7pm ahead of the televised broadcast at 9pm.
While The Shape of Water leads the pack with 12 nominations in total, the bookies — along with many critics — have Three Billboards Outside of Ebbing, Missouri pegged as the night’s eventual big winner.