Fellow Oscar winner Michael Caine will be presented with the Bafta Fellowship award on the night. He will also be hoping to repeat his success in the best supporting actor category for his role in The Cider House Rules.
The actors are lined up to present prizes at the British film industry's premier awards ceremony, which is being held at the Odeon Leicester Square in London.
Other guest presenters will include Shakespeare in Love actor Joseph Fiennes, Naked Gun star Leslie Nielsen and models Elle Macpherson and Naomi Campbell.
American Beauty - which won five Oscars last month - is nominated for 14 awards at the Baftas, including best director for Sam Mendes, who is expected to be at the ceremony.
Fellow Oscar winner Michael Caine will be presented with the Bafta Fellowship award on the night. He will also be hoping to repeat his success in the best supporting actor category for his role in The Cider House Rules.
Other nominees expected to attend include US actress Julianne Moore, and British stars Ralph Fiennes and Jude Law.
Bafta chairman Tim Angel said: "The calibre of stars attending this year's awards is testament to the stature Bafta now commands worldwide."
Other leading nominees include Neil Jordan's The End of The Affair, which has 10 mentions, including a best actor nomination for Ralph Fiennes.
Anthony Minghella's The Talented Mr Ripley is up for seven awards, while low-budget comedy East Is East, is nominated for six awards, including best film and most promising newcomer for writer Ayub Khan Din.
Mike Leigh's Topsy Turvy - which won two Oscars - is shortlisted for five awards.