The actor's directorial debut, "A Star Is Born", will compete for seven awards during the annual ceremony, including Best Original Song for the film's track "Shallow", which Cooper has agreed to perform alongside Gaga, his leading lady - and he jokes he must have a "death wish" for agreeing to sing live with the pop sensation.
"Yes! It's terrifying, absolutely," he told news show "Extra". "I was like, 'Why? I must have some sort of death wish.'"
Cooper shouldn't be too worried though as his last performance with the "Just Dance" hitmaker was well received by fans, quickly going viral.
The moment took place during Gaga's Las Vegas residency show last month (January 2019), when Cooper emerged from the crowd to sing "Shallow" with the 32-year-old. And the 44-year-old couldn't be more thrilled about the positive response to their heartfelt performance.
"It was wonderful," he added.
Cooper is up for the Best Actor honour for his turn as washed-up country star Jackson Maine, while Gaga earned a nod for Best Actress.
Following news of the Academy's recognition of the project, Cooper shared his gratitude in a statement.
"When I got this opportunity I knew I had to risk it all because I may never get another chance, so to be here today in a place where people who have seen the film are talking about how it makes them feel, something deep - that simple human thing - that we need each other - and the Academy to recognise that this morning - I just am so grateful," he shared.
The acclaimed drama is also in contention for the coveted Best Picture prize.