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Redford will play Dan Rather and Blanchett will portray his producer Mary Mapes in a movie directed by James Vanderbilt.
Leading up to the announcement of Best Picture, The Academy also announces winners for Best Director as well as Best Original and Adapted Screenplays.
The awards nominees went all out with their fashion choice, but Lawrence marked the red carpet walk with a little incident.
'12 Years a Slave' became the day's big winner with five nods, followed by 'Dallas Buyers Club' and 'Nebraska' with two each.
Over in the television world, 'Breaking Bad' was named Best Drama Series along with acting nods for cast Bryan Cranston and Aaron Paul.
Meryl Streep, Sandra Bullock, Bradley Cooper, Leonardo DiCaprio and Kristen Bell are also seen walking down the red carpet at the Beverly Hills event.
Julianne Moore, Michelle Williams, Chris Rock, Amy Adams, Justin Theroux and more are also seen blending with mourners which include Hoffman's partner Mimi O' Donnell and their children.
The 'Blue Jasmine' actress is pictured bringing a brand new telescope and a shopping bag from a toy store for the late actor's three children during the visit.
Represented by Bradley Cooper, the cast ensemble thanked their director David O. Russell for being the 'reason'.
Bullock and Blanchett opt for Lanvin dresses at the event which takes place at Barker Hanger in Santa Monica, Calif., while Bell looks pretty in black gown by Pamella Roland.
As many as nine films are nominated for Best Picture, including 'Hustle' and 'Gravity' which nab a total of 10 nominations each.
The 'Blue Jasmine' actress will direct a chilling story of two families as they are facing dilemma after finding out the horrific act their sons did.
The 'Walking Dead' and 'Vampire Diaries' actress has allegedly voiced her protests against gun control measures by sending ricin letters to Mr. President and NYC mayor.
Blanchett plays a rich New York housewife named Jasmine, whose husband turns out to be a criminal, in the Woody Allen-directed film.
The hip-hop/dance siren sheds off her clothes once again, this time rocking a yellow bikini on the set of her new music video.