The film has been nominated in the longlists for the 'Best Film' and 'Best Original Song' categories.
Speaking to IANS at the music launch of Ek Deewana Tha, Rahman - who won two Oscars for his work in Danny Boyle's Slumdog Millionaire - told reporters: "It's very exciting and I want someone to join my league. I hope one of the songs wins the Oscar trophy."
DAM999 is among 265 films contending for the 'Best Film' nomination at the Oscars. Three of its songs are among 39 numbers that are up for nomination in the 'Original Song' category longlist.
Made in Hindi, English, Tamil and Telugu, the film is about the adventures and agony a mariner faces when at sea.
The final 84th Academy Awards nominations will be announced on January 24, 2012 at the Academy's Samuel Goldwyn Theatre.
Watch the trailer for DAM999 below: