Predicting who will be awarded the prestigious prize is a game of chance because the list of candidates is secret. However, some well-known names are already being mentioned.
They include German Chancellor Angela Merkel for what's seen as her strong leadership in the refugee crisis.
Pope Francis is credited with helping restore diplomatic relations between Cuba and the US.
And the long awaited deal on Iran's nuclear programme is making both Iran's Foreign Minister Mohammad Javad Zarif and US Secretary of State John Kerry potential winners.
But how is a winner picked? Is the Nobel prize credible? And did previous winners really deserve it?
Presenter: Folly Bah Thibault
Kristian Harpviken - Director of the Peace Research Institute in Oslo
Fredrik Heffermehl - Organiser and spokesperson for the Nobel Peace Prize Watch.
Source: Al Jazeera