Chris Addison leads the betting 7-4 favourite to win.
Bookmakers William Hill have opened betting on the Perrier comedy award for the first time, and have Chris Addison, who was also nominated last year, ahead of the field.
Character act Jeremy Lion, the creation of The Consultants' Justin Edwards, is second favourite, at 3-1, closely followed by Jason Manford at 7-2.
William Hill spokesman Rupert Adams said: "Chris Addison was many commentators' favourite to win the Perrier Award last year and he has an excellent chance to win this year.
"One to watch out for is Jason Manfred [sic], who has had a very strong late run, gaining similar reviews to last year's winner Jackson's Way."
Kopfrapers Syndrome and Dutch Elm Conservertoire complete the shortlist, with odds of 4-1.
The winner will be announced late on Saturday night.
