The historical romantic drama, co-written by playwright Sir Tom Stoppard, won seven in 1999, including best actress for Gwyneth Paltrow - prompting one of the most famously emotional acceptance speeches in Oscar history.
But Slumdog Millionaire will need to win all 10 nominations to beat The English Patient, Anthony Minghella's Second World War romance, which won nine Academy Awards in 1997.
Slumdog Millionaire has already been a hit at the box office, taking more than £7 million in its first fortnight and £21 million so far.
The story centres around orphan Jamal Malik, a contestant on the Indian version of Who Wants To Be A Millionaire?, played by London teenager Dev Patel.
Before Slumdog Millionaire's success, Patel starred as sex-obsessed Anwar in teenage television drama Skins, playing the role while finishing off his AS-levels.
He is now one of Hollywood's hottest properties after being named the Critics' Choice Awards best young actor/actress for his Slumdog Millionaire role.
The 18-year-old from Harrow, north London, says he is still coming to terms with his star status.
"It's really surreal," he said, "I got off the plane at Heathrow and there were loads of paparazzi. I was like, 'Are you sure? Are you sure there's nobody better?"'
His mother Anita - who dragged him to the Skins audition - keeps his feet on the ground at home by insisting he makes his bed.
As a pupil at Whitmore High School, he earned full marks and an A* in his GCSE drama exam for his self-penned portrayal of a child in the Beslan school siege.
His drama teacher, Niamh Wright, said previously he was an impressive actor from an early age.
"Dev was a gifted student who quickly impressed me with his innate ability to communicate a wide variety of characters imaginatively and creatively," she said.
