This week, "Cantinflas" will be released nationwide and is hoping to become a box office success.

The new film tells the life story of the famous Mexican actor Mario Moreno, a.k.a. "Cantinflas." The film stars Oscar Jaenada in the title role as well as Barbara Mori, Joaquin Cosio and Ana Layevska.

The movie, directed by Sebastian del Amo, was recently submitted to the Mexican committee to be considered as the official Mexican selection for the Academy Awards. "Cantinflas" will compete alongside 21 movies and might have a huge chance.

The biopic is the only Mexican film out of the 21 other submissions that will be released in America this year and, as a result, will also have the opportunity to compete for Best Picture among other technical and acting awards.

It is also being released nationwide and is expected to be a huge audience pleaser and box office hit. Many critics and pundits are considering it this year's "Instruction Not Included." That movie was a huge hit in the U.S. and also competed for Mexico's official selection. However, it was not a critical darling and it did not fit with the type of films Mexico usually likes to submit.

"Cantinflas" could suffer the same fate. The movie has yet to be reviewed and did not play at any festival. This could be a sign that the quality of the movie is not very high and that is merely a commercial project.

While Mexico has never won an Oscar, it has been nominated eight times and has recently sent art house and festival favorites for its yearly submissions. Last year, for instance, the country chose "Heli" over "Instructions Not Included." While "Heli" also received mixed reviews, the movie won the Best Director award at the Cannes Film Festival and was also a festival favorite.

The 2013 selection "After Lucia" won the Un Certain Regard award at the Cannes Film Festival, while the 2012 selection "Miss Bala" was selected for the Toronto, New York and Cannes Film Festivals. In 2011, "Biutiful" was nominated and competed for the Palme D'Or at Cannes and won Best Actor at the festival.

This year, Mexico did not have a film at Cannes, but it did have several at Berlin and in Palm Springs. The Academy usually chooses films that are selected for the bigger festivals like Berlin, Cannes, Tribeca, Venice and Toronto. As a result, "Cantiflas" is likely to lose out to "Gueros" or "Workers."

"Gueros" won the Best First Feature at the Berlin Film Festival and also competed for the Narrative feature award at the Tribeca Film Festival. While it lost out on the top prize, it won Cinematography and Best New Narrative Director.

Meanwhile, "Workers" was an official selection at Berlin in 2013 and went on to compete at the Chicago International Film festival, as well as the Guadalajara and Los Angeles Film Festivals.

Another film that could be picked include the documentary "Purgatorio: Viaje al Corazón de la Frontera", which played in Pam Springs and Chicago International Film Festivals.

"Tercera Llamada" could also beat out "Cantiflas" for the spot. The acclaimed film won the Guadalajara Film Festival and also played at Palm Springs to great reviews.

The Mexican Academy of Arts and Sciences will vote on their final decision between Sept. 3 and 8 and will announce the elected film on Sept. 11.

"Cantiflas" will be released in 350 theaters on Aug. 29 through Pantelion and Lionsgate. The trailer for the movie can be found here: