BEVERLY HILLS -- Heath Ledger received a posthumous Oscar nomination for his performance in "The Dark Knight" Thursday, one year to the day after dying of a drug overdose in New York.

The tragic Australian star was named amongst five nominees vying for honors in the best supporting actor category at the February 22 Academy Awards for his portrayal of arch villain The Joker in the hit Batman sequel.

Ledger, 28, is the hot favorite to become the first actor to win a posthumous Oscar since compatriot Peter Finch in 1976 for "Network."

Only four other performers have received a posthumous Oscar nod, including James Dean, who earned nominations for "East of Eden" and "Giant" and Spencer Tracy for 1967's "Guess Who's Coming to Dinner." More recent posthumous nominees include Ralph Richardson for "Greystoke: The Legend of Tarzan" in 1984 and Massimo Troisi for 1995's "The Postman."

However Ledger has been installed as the overwhelming favorite to prevail in the best supporting category, and has already won a clutch of key awards for his mesmerizing performance in "The Dark Knight."

Perth-born Ledger gained international stardom and was nominated for an Oscar and Golden Globe for his heart-breaking performance as a taciturn gay cowboy in the 2005 film "Brokeback Mountain.

He had already served notice of his talent with parts in several films including "Monster's Ball," "A Knight's Tale" and "The Patriot."

As Batman's cackling arch-enemy, Ledger earned rave reviews from critics and co-stars.

"I can only speak superlatives of Ledger, who is mad-crazy-blazing brilliant as The Joker," wrote Rolling Stone's film critic Pete Travers.

The cast and crew of "The Dark Knight" were similarly wowed.

British actor Gary Oldman, who plays Gotham City police officer Lieutenant Jim Gordon, is among those who believes Ledger's performance is Oscar-worthy.

"Over the years when I've seen great performances -- (Jack) Nicholson in 'One Flew Over the Cuckoo's Nest,' Al Pacino in 'Dog Day Afternoon' -- you go 'wow, there's something really special at work here.' And I think Heath's done that here. It's like he's gone through the sound barrier."

Director Christopher Nolan said Ledger, renowned for taking on difficult, edgy roles, was chosen for the film precisely for that reason.

"For the role of The Joker I was looking for fearlessness," Nolan said. "I needed a phenomenal actor, but he (Ledger) also had to be someone unafraid of taking on such an iconic role.

"Heath created something entirely original. It's stunning, it's captivating," Nolan said.