Russia's regime-critical newspaper Novaya Gazeta is a favourite to scoop the award.
Established by former president Mikhail Gorbachev in 1993 with the help of prize money coming from his own Nobel prize win, the newspaper has directed fierce criticism at Vladimir Putin's regime.
The newspaper has been nominated for the Nobel Peace Prize by, among others, peace prize historian Antoine Jacob and the French news agency AFP.
In Norway, the head of the Peace Research Institute Oslo (Institutt for Fredsforskning, PRIO), Kristian Berg Harpviken, agrees with speculation that puts Novaya Gazeta as one of the hottest candidates this year.
Russia is also the current residence of US whistleblower Edward Snowden, widely considered one of the most likely winners of the Nobel prize on Friday.