The 'Bonkers' hitmaker - who previously scooped the coveted accolade for his 2003 LP 'Boy in da Corner' - would love to cap off a triumphant year, which has seen him win the BRIT Award for Best British Male, by seeing his album 'Tongue N' Cheek' take home the award.
He said: "I'd like to win for the second time, this album has done so much for me, it's the first independent release, the first one that's gone double platinum, so my second Mercury would be something else.
"Paul Weller is a legend, so to be mentioned in the same thing as him is amazing. It's one big competition."
Veteran rocker Weller is another previous nominee to be up for the prize again, with his critically-acclaimed LP 'Wake Up The Nation' making the shortlist.
He told BANG Showbiz: "I'm very pleased to be nominated. I was nominated in 1994, which I didn't win but it's just nice.
"I'm glad for the record, that it's going to get more recognition and another look.
"I don't know about rating my chances though, it's normally the outsider that wins."
The two artists face stiff competition from The XX, whose debut LP 'xx' has been installed as favourite to take this year's honour, much to the group's amazement.
Drummer Oliver Sim said: "It's absolutely insane considering all the other artists. It's really mind-blowing."
The winner of the prize - which recognises the best UK or Irish album of the last 12 months - will be announced by Jools Holland at the Barclaycard Mercury Prize Awards Show in London on September 7.
Barclaycard Mercury Prize nominees:
Biffy Clyro - 'Only Revolutions'
Corinne Bailey Rae - 'The Sea'
Dizzee Rascal - 'Tongue N' Cheek'
Foals - 'Total Life Forever'
I Am Kloot - 'Sky At Night'
Kit Downes Trio - 'Golden'
Laura Marling - 'I Speak Because I Can'
Mumford and Sons - 'Sigh No More'
Paul Weller - 'Wake Up The Nation'
The XX - 'xx'
Villagers - 'Becoming a Jackal'
Wild Beasts - 'Two Dancers'