The rumors are swirling that the release of the Martin Scorsese film, "The Wolf of Wall Street" has been delayed till December, thus diminishing its chances of getting nominated for the Oscars.

According to Latinospost.com, the reason for the delay is the final editing of the film. Currently the film is 180 minutes long and Scorsese wants to cut it shorter.

Even after the release of film like "12 year a Slave" and "Gravity", "Wolf of Wall Street" was seen as a major contender for the Oscars. The film tells the story of downfall of once the wealthy stockbroker played by Leonardo Di Caprio.

Since the first official trailer of the film was released, Di Caprio was seen as a vital aspirant for the Best Actor's race but the unmapped delay of the film can cost the "The Aviator" actor the Oscar.

In 2009 Dicaprio's and Martin Scorcese film "Shutter Island" faced a same fate when it got delayed till 2010 and was eventually thrown out off Oscar race. The film was predicted to be the strong contender but its constant delay cost it the accolade.

Leonardo Di Caprio has worked on many films with Scorsese from Gangs of New York to The Aviator to The Departed. And if we look at last year's surprise win of movie, "Lincoln," whose release date was also being considered delayed, there could still be chances of "Wolf of Wall Street" to get back in the race at the end of the year.

Another film "The Grace of Monaco", starring Nicole Kidman ,a predicted contender in the Best Actress race got delayed and now is being shifted to 2014 release thus eliminating it from the Oscar 2013 battle.