The 48-year-old has been a finalist six times, including winning in 2006 with his portrait of sculptor Paul Juraszek, which was painted in a style inspired by a 16th-century Flemish etching.

Competing against 54 other fantastic artists, many Kaniva residents are hoping that his masterpiece can stand out among the rest of the competition.

This year, Mr Wills has painted Melbourne-based dancer-choreographer Jack Riley.

Mr Riley was a Victorian College of the Arts (VCA) graduate who has worked with Tasdance, Force Majeure, Chunky Move, Opera Australia and choreographer James Batchelor.

Most recently, he was commissioned to be an ambassador for the VCA, performing in Italy.

Using oil on linen to create the artwork, Mr Wills said he wanted to make a picture that felt "sombre and melancholic".

"I wanted to make a picture that felt sombre and melancholic, like parts of Mozart's requiem mass," Mr Wills said.

"The painting is not biographical in any way, rather a fictional narrative with Jack central, appearing as some character from a psychological horror or nightmare."

The annual event has three competitions, the Archibald, Wynne and Sulman Prize.

Amazingly, the prize has received the highest number of entries ever across the three competitions this year, with 2565 in total.

Another record has also been set, with 10 Indigenous sitters among the 55 Archibald finalists, and a record 26 Indigenous artists among the total 107 finalists.

Indigenous actor and writer Meyne Wyatt received the $1500 Packing Room Prize for his self-portrait Meyne. He is the first Indigenous artist to win any prize in the Archibald's 99-year history.

The winners of the Archibald Prize ($100,000), Wynne Prize ($50,000) and Sulman Prize ($40,000) will be announced this Friday.