The makers of the Matrix films are considering only promoting the third film, Matrix Revolutions, for next year's Oscars.
Both Matrix sequels were made at the same time
Revolutions, the final part of the sci-fi trilogy, is out in November, while its prequel, The Matrix Reloaded, came out in May.
Warners, which produced the films, had considered pushing for both of them to be nominated as a single entry because they were shot on the same 240-day shoot, but the academy refused.
"Two separate releases with two separate marketing campaigns - even if they were four-walled together as one movie - would have to be considered two different films," said the academy's executive administrator Ric Robertson.
Warners then asked the academy if there was anything preventing them from offering only one of their films for consideration. The academy said it was within the rules.
There may also be two Kill Bill films this year because director Quentin Tarantino has split the movie into two, leaving its producers Miramax with the same dilemma.
Tarantino's (right) Kill Bill has been split in two
Miramax has not yet decided whether both of its Kill Bill films will be released this year, although Kill Bill Vol 1 will be released in the US on 10 October.
It has been reported the second film may run for a week at the end of the December, which would mean it would be eligible for the same awards. Next year's Oscars ceremony are to be held on the earlier date of 29 February 2004.