The most widely acclaimed British band of 2006 hasn't rested on its laurels, and is reaping the benefits in 2007.

Arctic Monkeys' Alex Turner, 2006 Nationwide Mercury Prize.

The Arctic Monkeys, winners of the 2006 Nationwide Mercury Prize for the top album in the UK, have made the list of nominees for this year's prize for Favourite Worst Nightmare, their follow-up to their smash debut, Whatever They Say I Am That's What I'm Not.

The Sheffield quartet is joined on the list of 12 nominees by the breakout star of 2007, Amy Winehouse, whose Back to Black album has landed her both critical praise and huge sales. The Arctic Monkeys and Winehouse are listed as the favorites by UK bookmakers William Hill with 4/1 odds apiece.

Amy Winehouse at SXSW in March 2007.

The pair are joined on the list by another former Mercury winner, Dizzee Rascal. The rapper's Maths + English album made the list of nominees, as did Bat for Lashes' Fur and Gold, Fionn Regan's The End of History, New Young Pony Club's Fantastic Playroom, Klaxons' Myths of the Near Future, the Young Knives' Voices of Animals and Men, Maps' We Can Create, the View's Hats Off to the Buskers, Jamie T's Panic Prevention, and Basquiat Strings' Basquiat Strings with Seb Rochford.

The winner, whittled down from a long list of more than 230 entries, will be announced September 4 at a ceremony in London. The prize will be decided on the night by a panel chaired by academic Simon Firth. Since its inception in 1992, the Mercury Prize has become an increasingly important event on the UK music calendar, generating sales boosts for nominated acts.