The film, which is set in Rome and has been compared to Federico Fellini’s 1960s classic, La Dolce Vita, was also nominated for a Palme d'Or at this year's Cannes Film Festival.
A final Oscar ballot on January 16th will reveal whether Sorrentino's film will be nominated for an Oscar at the 86th Academy Awards ceremony, which will be held on March 2.
Sorrentino told Italian media on Wednesday he would do "everything" for his film to be nominated.
"I know it's a long and difficult road but we'll do all we can, with screenings, dinners and promotions," he said.
Born in Naples in 1970, Sorrentino is also known for his film about the late former Italian Prime Minister Giulio Andreotti, Il Divo, which won the Jury Prize at Cannes in 2008.