The shortlist has been drawn up for the prestigious Mercury Prize -- a virtual guarantee of fame and fortune for the winners. Pulse takes a look at this year's nominees. . .

THE 12 contenders for the Nationwide Mercury Prize have been revealed, with bookies placing lad-rap hero The Streets as joint favourite with Glasgow art rockers Franz Ferdinand to scoop the prestigious award.

Singer and guitarist Alex Kapranos of Glasgow rockers Franz Ferdinand, who have been given odds of 3-1 to win alongside The Streets, said that the band were very happy to be nominated, following their triumphant performance at Glastonbury.

"It's a real vindication for the year's hard work we have just put in. It's so great to see Glasgow so well-represented," he said.

"I've got a £10 bet on Belle & Sebastian and Nic (guitarist and vocalist Nicolas McCarthy) has gone for Snow Patrol."

But according to HMV's Gennaro Castaldo, The Streets have the edge over Franz.

"A lot of people thought The Streets should have won the Mercury Prize when he was shortlisted in 2002. If anything, this year's contest will be even harder to win, as so many fantastic artists have been nominated.

"However, we think the judges will find it hard to ignore this well-timed chart success, and it may just give him the edge over Franz Ferdinand and Amy Winehouse."

Now in its 13th year, the competition honours the best albums of the year by a British or Irish band -- and a £20,000 prize is at stake.

Last year's winner was garage artist Dizzee Rascal, otherwise known as Dylan Mills, who saw sales of his album rocket up by 150 per cent after winning. So who will be battling for the prestige this year?

"This is an exceptional year, most dramatically illustrated by the emergence of several new and varied bands together with outstanding work by three powerful female singers," said Simon Frith, the chairman of the judges.

Five of the 12 shortlisted albums are debuts, heralding the arrival of significant new talents across a variety of musical styles. Among the newcomers are three bands -- Franz Ferdinand with their self-titled album, Keane with Hopes & Fears and The Zutons with Who Killed... The Zutons. They are joined by two rising young female vocal talents, Joss Stone and Amy Winehouse.

The shortlist is whittled down by judges from an original choice of 180 albums, and the winner will be announced on September 7.