The Academy Awards nominations for 2024 are still five months away but the Peaky Blinders star is already being tipped to take home the award for his performance in the biopic about 'the father of the atomic bomb', J. Robert Oppenheimer.
Murphy, 47, has been given odds of 5/4 to win Best Actor at the 96th Oscars ceremony in March 2024, according to The Online Betting Guide.
The latest odds predict the Irish actor has a 44 per cent chance of winning at the Academy Awards next year, even though the nominations will not be announced until January.
It would be Murphy's first Oscar nomination in his career.
Director Christopher Nolan is also being tipped to win Best Director for World War II thriller Oppenheimer, with odds of 6/4 and a 40 per cent chance of winning.
Nolan, 53, has been nominated for five Oscars but only once for Best Director in 2017 for Dunkirk. He is yet to take home an academy award.
Meanwhile, Martin Scorsese's new film Killer of the Flower Moon, starring Leonardo DiCaprio which is not even due for release until October, is already the second favourite film to perform well at the Oscars.
DiCaprio ahs been given odds of 7/4 to win Best Actor, while Scorsese has the same odds to win Best Director.
The crime thriller based on the 2017 book of the same name by David Grann tells the story of a series of murders in Oklahoma's Osage Nation during the 1920s, which took place after oil was discovered on tribal land.
DiCaprio has been nominated for six Oscars, twice in Scorsese-directed movies, but he has only won once, for The Revenant in 2016.
The other actors in the running to win the Best Actor at the next Oscars, according to OLBG are Bradley Cooper for Maestro, with odds of 10.3, Colman Domingo for Rustin at 4/1 and Barry Keoghan for Saltburn at 6/1.
Based on the 2005 biography American Prometheus, Oppenheimer also features Robert Downey Jr as chairman of the US Atomic Energy Commission, Lewis Strauss; Emily Blunt as Kitty Oppenheimer; Florence Pugh as Jean Tatlock, Matt Damon as Leslie Groves, Gary Oldman as Harry S. Truman, Rami Malek as David Hill, and Tom Conti as Albert Einstein.
Watch: Cillian Murphy says he is a big fan of director Christopher Nolan