France's Academy of Cinema Arts and Sciences unveiled the nominees for this year's awards, the country's equivalent to the Oscars.
Deneuve and Hupper feature in the best actress nominees list while the best actor nominees included Gerard Depardieu.
"Marguerite", about a wealthy woman in the 1920s who tries to become an opera singer despite limited talent, and Arnaud Desplechin's Cannes Directors' Fortnight opening film "My Golden Years", about a man who looks back on his life, led the nominations with 11 each.
Jacques Audiard's Palme d'Or winner "Dheepan", a crime drama, also received nine nominations. The film also features in the best picture nominees list with "Fatima", "Measure of a Man", "Marguerite", "Mon Roi", "Mustang" and "Standing Tall".
Among the best foreign film nominees were "Birdman", "Youth" and "Taxi".