Gordon Haskell (left) was a late entry to the chart race
Robbie Williams and Nicole Kidman remain favourites to top the UK charts with their duet Somethin' Stupid, originally a hit for Frank Sinatra in 1967.
But there is a chance that the bookies' favourite could be beaten a dark horse - pub crooner Gordon Haskell, with his self-penned How Wonderful You Are.
Haskell, 55, who has said that he composed the ballad during a supermarket shopping trip with his mother, spent Saturday busking in London in an attempt to boost his sales.
Predictions
The singer-songwriter, who used to be a member of rock band King Crimson, has just signed a record deal - reportedly worth £2.4m.
But predictions are difficult in an unusually strong field for Christmas records.
Kate Winslet, the Tweenies, S Club 7, Cliff Richard and Michael Jackson have all released seasonal singles.
Kate Winslet's What If is a romantic ballad which has been taken from the animated film, Christmas Carol - The Movie.
Charity
The Tweenies have yet to have a number one hit but they just might be among the contenders for the top slot with I Believe In Christmas. Their previous single, Do the Lolly Pop, reached number 17 in July.
The odds of S Club 7 getting to number one were slashed after they performed Have You Ever on the BBC's Children In Need programme. All proceeds from the record are going to charity and bookmakers predict a massive hit, whatever its placing this week.
Sir Cliff Richard has sold more than 250m records since he burst onto the music scene in 1958.
For some, Christmas would not be the same without a record from the enduring star, and this year he is back with a medley, Somewhere Over The Rainbow/What A Wonderful World.
Sales
Despite a mixed reception for his latest album, a new Michael Jackson single always threatens the number one spot. R Kelly penned his second release from the album Invincible, the gospel track, Cry.
But the outcome is likely to be decided by the sales of Robbie Williams and Gordon Haskell's releases.
Haskell was just a few thousand sales behind Williams at midweek, prompting chart expert Gennaro Castaldo of HMV to say the race was too close to call.
"This is the tightest race for the Christmas number one for many years," he said.
Last year's seasonal top spot was held by children's TV show character Bob the Builder with his theme tune Can We Fix It?, which sold more than 42,000 copies more than nearest rival Westlife and their song What Makes A Man.