The film is a remake of Sidney Lumet's 1957 "12 Angry Men".
Mikhalkov's version moves the action from the U.S. to Russia, and replaces the original murder suspect with a Chechen teenage boy accused of murdering his foster parent, a Russian officer.
"I am overjoyed that the movie has been noticed in the United States and, what's more, was included in the shortlist of five nominees. This is a significant event for me," Mikhalkov said in an interview with RIA Novosti.
Mikhalkov has already won an Oscar for Best Foreign Film for his film, "Burnt by the Sun," which tells a story of Stalin-era repression. He is presently making a sequel to this film.
In September, "12" was awarded a special Gold Lion in Venice and a Golden Amvrosi at the Milano film festival.
The other four nominees announced on Tuesday are Kazakhstan's "Mongol" by Sergei Bodrov, Austria's "The Counterfeiters" by Stefan Ruzowitzky, Israel's "Beaufort" by Joseph Cedar and Poland's "Katyn" by Andrzej Wajda.
The winner in the Best Foreign Film category will be announced at the Oscars ceremony on February 24.