But it has tough competition from Shrek, which is also up for the award.
It's also been nominated in the best editor, best digital artist and best composer categories.
The Fellowship of the Ring, which had its world premiere on 10 December in London and its American premiere on Sunday night, opens worldwide on 19 December.
Potter vs Rings
Some reports say the film's even more magical than Harry Potter and the Philosopher's Stone.
And although Harry Potter missed out on the major best movie nomination, its digital effects artists are up for a prize.
The awards ceremony is in Los Angeles on 5 January 2002.
Check out the magical stars from the US premiere on Sunday night by going to the link to the right of this story