The peace prize is the only Nobel award handed out in Oslo, with all others here in Stockholm. When the Swedish inventor of dynamite Alfred Nobel created his famous awards, Sweden and Norway were joined in a union.
The prize will be announced at 11:00 am by the chair of the Norwegian Nobel Committee.
Last year's prize was given to Colombian president Juan Manuel Santos, for his efforts to end the nation's longstanding civil war.
The only remaining Nobel Prizes to be awarded are for economics, which will be announced on Monday.
Laureates traditionally receive their awards at a December 10 banquet in Stockholm, the date on which Alfred Nobel, the prize’s creator and the inventor of dynamite, died in 1896.