The US President is best-priced at 100-1, the same as Vladimir Putin and only ahead of the rank outsider, North Korean leader Kim Jong-un.
Labour leader Jeremy Corbyn and Bernie Sanders are both being offered at 50-1, but trail far behind the favourites Mohammad Javad Zarif and Federica Mogherini.
The Iranian foreign minister and the EU’s foreign policy chief orchestrated the Iran nuclear deal that saw the middle-eastern country give up its nuclear weapons development in exchange for the lifting of crippling sanctions. A win for the pair would be a riposte to Mr Trump, who is threatening to pull out of the “embarrassing” deal.
The Economic Community of West African States (ECOWAS) is also among the front runners after the role it played in the ousting of Gambian dictator Yahya Jammeh and the restoration of democracy.
The White Helmets, who were among the favourites in 2016, are considered to be another likely winner this year. The group, who won the Rising Global Peace Forum prize in 2016, have been rescuing civilians in the face of a brutal six-year civil war in Syria.
Pope Francis is the favourite to win the award with one bookmaker. A pontiff has never won the prize, but Francis is being seen as a liberalising force for the Catholic Church, speaking out on issues such as refugees, social justice and climate change. A Norwegian politician reportedly nominated him for being “one of the rare ones to stand up to Donald Trump”.
German chancellor Angela Merkel, the American Civil Liberties Union - who is suing Mr Trump over his attempted transgender military ban - and CIA whistleblower Edward Snowden are also considered to be possible winners, according to bookmakers.
The award is given every year to a person, people or group who “have done the most or the best work for fraternity between nations, the abolition or reduction of standing armies and for the holding and promotion of peace congresses”.
The winner will be announced in Oslo, selected by a panel appointed by the Norwegian parliament.
Other than the winner the list of nominations officially remains a secret for the next 50 years, though nominators often reveal who they picked. This year the committee announced there were 318 candidates up for the award.
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