The prize, which is awarded to the best album of the year, will see Adele's best-seller 21 compete against the likes of Tinie Tempah's Disc-Overy.
But they could be beaten to the prize by PJ Harvey, whose latest release Let England Shake is the bookies' favourite to win, with odds of 11-8.
If the singer does take home the award, she'll become the first act to win the Mercury Prize twice.
The winner of the 2011 prize is set to be revealed at a ceremony at the Grosvenor House Hotel in London tonight which will be broadcast live on BBC Two.