The award-winning artists are nominated for best original song for work on King Richard and No Time To Die respectively at the 94th annual awards on Sunday.
Beyonce is nominated for Be Alive, which features in the biopic of Richard Williams – father of tennis stars Venus and Serena Williams – starring Will Smith.
Eilish is nominated for No Time To Die, the title song from the latest instalment of the James Bond franchise.
The song, co-written by Eilish’s brother Finneas O’Connell, has already picked up several awards including the Golden Globe and Critic’s Choice Award for best song.
The Bad Guy singer previously said she worried No Time To Die would “not be good enough” for Daniel Craig and “did not feel worthy” to write it.
It is also reported that Van Morrison, who is nominated for best song for Down To Joy from Belfast, is also in talks to perform.
Other contenders for best song are Lin Manuel Miranda’s Dos Oruguitas from Encanto and Diane Warren’s Somehow You Do from Four Good Days.
The Academy is yet to announce the official musical line-up for the ceremony, though scores of big names have been named for presenting duties.
Stephanie Beatriz, DJ Khaled, Elliot Page, Jennifer Garner, comedian Bill Murray and skateboarder Tony Hawk, were amongst the most recent announcements.
The list also includes Mila Kunis, John Travolta, Daniel Kaluuya and Wesley Snipes, as well as Zoe Kravitz, Lady Gaga, Lily James, Uma Thurman and Rami Malek.
Anthony Hopkins, who was named best actor last year, will also make an appearance at the ceremony which will take place at the Dolby Theatre in Los Angeles on March 27.