The Netflix show -- in which misfits and criminals compete for cash in barbaric and fatal versions of schoolyard games -- is aiming to follow in the footsteps of Oscar-winning movie "Parasite" with success at TV's top prize gala.
It is already the first non-English-language series to earn a best drama series nomination. To convert that into a trophy at the ceremony in Los Angeles, it will need to overcome a previous winner in HBO's "Succession."
"It's pretty hard to go against that HBO juggernaut," said Deadline awards columnist Pete Hammond, noting that the cutthroat drama about a powerful clan vying to inherit a media empire secured the most overall nominations with 25.
"I do think ['Squid Game'] is going to win best actor," said Hammond -- an outcome that would make Lee Jung-jae the category's first winner whose performance was not in English.
Other shows contending for the night's top drama prizes include Apple TV+ dystopian workplace series "Severance," starring Adam Scott, and the final season of Netflix's much-lauded crime saga "Ozark."
Zendaya, who became the youngest-ever best actress winner two years ago for hard-hitting teen drama "Euphoria," is tipped to repeat with her work on the show's sophomore season.