What time was the Nobel Peace Prize announced today and how is the winner decided?

TODAY the winner of the Nobel Peace Prize was announced  - bagging themselves a diploma, a medal and over a million pounds.

The prize was scooped by some of history's most venerated figures like Nelson Mandela, Martin Luther King, Mother Teresa and Barack Obama.

What time is the award announced?

The award winner will be announced at 10am (11am in Oslo) by the Nobel committee in that city.

US President Donald Trump is second favourite to win the award at 5-2 following his historic handshake with the North Korean leader.

North Korean dictator Kim Jong-un is fancied at 4/6 to take the prize, sharing it with South Korean leader Moon Jae-in.

Others in the running for the prestigious peace prize include the UN Refugee Agency (UNHCR) at 16/1, Catalan politician Carles Puigdemont at 16/1, Angela Merkel at 9/4 and Pope Francis, also at 50/1. Vladimir Putin will get you 50/1 with Ladbrokes.

How is the winner decided?

The Norwegian Parliament appoints the Norwegian Nobel Committee, which selects the Nobel Peace Prize laureate.

Each year, the Norwegian Nobel Committee specifically invites qualified people to submit nominations for the Nobel Peace Prize.

Advisers usually have some months to complete reports, which are then considered by the Committee to select the laureate.

The Committee seeks to achieve a unanimous decision.

The Chairman of the Norwegian Nobel Committee presents the Nobel Peace Prize in the presence of the King of Norway on December 10 each year (the anniversary of Nobel's death).

The award is given to those who have "done the most or the best work for fraternity between nations, for the abolition or reduction of standing armies and for the holding and promotion of peace congresses".

However, due to its political ideology and interferences, the Nobel Peace Prize has, for most of its history, been the subject of controversies.