The band, whose guitarist Noel Gallagher quit in August, were shortlisted for "best act in the world today" at the Q Awards, against Kings Of Leon, Arctic Monkeys, Coldplay and Muse.
Oasis will also compete for the best live act award at the London event, against acts such as U2, Blur and Take That.
Noel and brother Liam have been invited to the event, organised by Q magazine at the Grosvenor House Hotel, but they have largely kept away from the limelight since their rift led to Noel quitting moments before a gig in Paris.
A trio of acts lead the field with three nominations each - Kasabian, Arctic Monkeys and Florence & The Machine.
U2, Dizzee Rascal and Lady GaGa are among the acts with a pair of mentions on the shortlist.
Chart hit Relax by Frankie Goes To Hollywood, which received an unofficial Radio 1 ban, was named a classic song ahead of this year's awards.
The track was the first of the band's songs which went to number one and will be honoured at the ceremony.
Relax, released 25 years ago, was masterminded by producer and former Buggles star Trevor Horn, who created its over-the-top sound and released it on his new label ZTT.
His revamped version was almost unrecognisable from the song which had earlier been aired on Channel 4 show The Tube the previous year, an appearance which led to Horn signing the band.
Relax found infamy when then Radio 1 Breakfast Show host Mike Read realised what it was about and refused to continue playing it.
Q's editor-in-chief Paul Rees said: "The Q Awards prides itself on honouring the best popular music of the year and the 2009 vintage is no exception. Once again the nominations prove that great music continues to be made across a broad range of styles."
Here are the nominations for this years' awards - officially called the Q Awards with Russian Standard Vodka:
:: Best new act - White Lies; Friendly Fires; Empire Of The Sun; Passion Pit; The Dead Weather.
:: Breakthrough artist - Florence & The Machine; Lady GaGa; La Roux; Mr Hudson; Pixie Lott.
:: Best track - Kasabian, Fire; Muse, Uprising; Arctic Monkeys, Crying Lightning; Dizzee Rascal, Bonkers; Noisettes, Never Forget You; Lily Allen, The Fear.
:: Best video - The Dead Weather, Treat Me Like Your Mother; Dizzee Rascal, Holiday; Florence & The Machine, Drumming Song; Mika, We Are Golden; Lady GaGa, Just Dance.
:: Best live act - The Prodigy; U2; Oasis; Kasabian; Arctic Monkeys; Blur; Take That.
:: Best album - Arctic Monkeys, Humbug; U2, No Line On The Horizon; Florence & The Machine, Lungs; The Prodigy, Invaders Must Die; Kasabian, West Ryder Pauper Lunatic Asylum.
:: Best act in the world today - Kings Of Leon; Arctic Monkeys; Oasis; Coldplay; Muse.
COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? firstname.lastname@example.org
Developing an ingenious solution to a stubborn problem earns respect. Don't be surprised when a prominent executive offers you a job. This position will pay extremely well. Use your extra earnings to finance a hobby. Playing a competitive sport brings out your playful side. Someone who is enchanted by your high spirits will ask for a date. It feels great to be appreciated. Let your admirer plan an outing. You'll enjoy following their lead. Do you have a partner? Plan a romantic holiday together.More