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`If I Rise`, the 45-year-old singer-composer`s collaboration with British pop star Dido, has been nominated in the Best Song category.
Rahman will also be competing for the Best Original Score trophy with John Powell (`How to Train Your Dragon`), Hans Zimmer (`Inception`), Alexandre Desplat (`The King`s Speech`) and Trent Reznor and Atticus Ross (`The Social Network`).
The nominees in the Best Song category are `Coming Home` from `Country Strong`, `I See the Light` from `Tangled` and `We Belong Together` from `Toy Story 3`.
The Mozart of Madras first won the award for his music in Boyle`s Mumbai-based potboiler `Slumdog Millionaire` in 2009. He had lost out on the golden trophy last year, after his song `Na Na` (from `Couple`s Retreat`) failed to get a nomination despite being in the long list for the `Best Song` category.
Rahman has already won a Critics Choice award this year for the film, which has received good reviews for it`s "haunting tracks" and "wonderful crescendos", and is in the running for a Best Original Music BAFTA for the same.
Earlier, the `Jai Ho` hitmaker had lost out on a Golden Globe in the same category to Trent Reznor and Atticus Ross, who won for their music in `The Social Network`.
Rahman, who was honoured with a Padma Bhushan last year, had enjoyed a golden run at the 52nd Grammy Awards, where he had again bagged two gramophones for his music in the `Slumdog Millionaire`.
