According to variety.com, A24 will submit Pattinson in the lead actor category, with co-star Willem Dafoe in the supporting actor field.
"The Lighthouse", which will release internationally on October 18, has been earning praise on the festival circuit since premiering at the film fest in Cannes in May. Director-writer Robert Eggers won an International Federation of Film Critics (FIPRESCI) Prize.
Pattinson and Dafoe play two lighthouse keepers isolated on a small island who begin to grapple with their sanity.
If Dafoe were to be nominated, it would be his third consecutive nod after last year's "At Eternity's Gate" and 2017's "The Florida Project". He was also previously nominated for "Platoon" and "Shadow of the Vampire".
While the film is very much a two-hander, Pattinson, who has never been nominated for an Oscar, has more screen time and his character serves as the audience's point of view.