As the Nobel Institute prepares to announce the winner of the 2015 Nobel Peace Prize this Friday, Oct. 9, the Internet is rife with speculation about who will be chosen.

According to the Institute, several candidates have stood out as likely among an estimated list of 270 nominees, including German Chancellor Angela Merkel and Pope Francis. The recipient will be selected by a six-member committee and announced at 6 a.m. ET in Oslo, Norway.

Betting websites, such as Paddy Power, have Angela Markel as the odds on favorite to win the prize. The chancellor opened German borders for close to 1 million from war-torn countries such as Syria, Iraq and Eritrea. Her brave decision has been the subject of much controversy, as many German citizens reacted harshly to the biggest influx of refugees the country has seen since World War II.

Eritrean priest Mussie Zerai is also a top candidate due to his work aiding refugees. Zerai founded humanitarian organization Habeshia and has rescued migrants who have been become stranded in their attempts to cross the Mediterranean Sea.

Pope Francis is another strong contender. The pontiff is popular not only with Catholics, but with liberals worldwide for his commitment to helping the poor, his concerns over climate change, and his accepting attitude towards homosexuals and atheists. He also has been praised for his efforts in restoring Cuban relations with the U.S. If selected, he would be the first pope to win the award.

Gynecologist Denis Mukwege, U.S. Secretary of State John Kerry and Russian newspaper Novaya Gazeta have also been discussed as candidates.

Pakistani schoolgirl Malala Yousafzai and Indian activist were both selected as recipients in 2014 "for their struggle against the suppression of children and young people and for the right of all children to education."

Previous American recipients include President Barack Obama in 2009 and former Vice President Al Gore in 2007.