Cruise has never won an Oscar and although he was not nominated for Best Actor, the Best Picture award would be his first.
If the movie does take home the award, producer Jerry Bruckheimer will accept it, although Everywhere All At Once remains the favourite to win.
Cruise’s movie is also nominated for Writing (Adapted Screenplay), Film Editing, Sound, Music (Original Song) and Visual Effects.
Glen Powell, who plays Lt Jake “Hangman” Seresin in the movie also won’t be at the awards ceremony tonight.
Meanwhile, Glenn Close had to withdraw from presenting at the awards because of a positive Covid test.
The 75-year-old actress had been due to present alongside Air Force One co-star Harrison Ford, 80.
“Yes, she has Covid, and she is of course required to bow out. She was very much looking forward to taking part,” a representative for Close told People.
Close, is an eight-time Academy Award nominee, while Ford has been nominated once.
Jame Cameron, the director of Avatar: The Way of Water, was also not present for the show.
“You know a show is too long when even Jim Cameron won’t sit through it” joked host Jimmy Kimmel during his monologue as he pointed out Cameron was not nominated for Best Director.
“How does the Academy not nominate the guy who directed Avatar? What do they think he is, a woman?”
“Tom and James Cameron didn’t show up, the two guys who insisted we go to the theatre are not in the theatre,” he joked.
Cameron’s co-producer, Jon Landau, told The New York Times that the director has missed the ceremony for “personal reasons.”
Will Smith, who won Best Actor last year, is obviously not attending the event after his infamous slap of host Chris Rock.
Smith hit Rock on stage after the comedian made a joke about his wife Jada Pinkett Smith’s shaved head.
The Academy of Motion Pictures Arts & Sciences banned Smith from any Academy event for the next 10 years and Smith also pre-emptively resigned from the Academy.