There's no doubt we've got burning love for Austin Butler's 2023 Oscars look.

The 31-year-old actor set the Academy Awards red carpet on fire in a classic double-breasted black Saint Laurent tuxedo at the Dolby Theatre in Hollywood on March 12. Butler, who is nominated for Best Lead Actor for his portrayal of Elvis Presley in Elvis (see the full list of nominees here), channeled the late rocker's suave style and swoon-worthy good looks while posing for pics ahead of Hollywood's biggest night. (See every celebrity on the Oscars red carpet here.)

The star exclusively opened up to E! News' Laverne Cox about how the titular role in Baz Luhrman's Elvis changed his life forever. In fact, Butler was stumped when asked what his favorite takeaway from the project is.

"It's hard to list just one because it's such a part of my life, you know?" he said, adding, "My best friends that I've met along this journey, all the personal things I had to dig out of myself in order to go on the journey in the first place."

Butler stated he feels like a totally different man today after portraying the "Hound Dog" singer, but that he's ready to move on to other roles after tonight's Oscars. "It started four years ago," he shared, "so tonight is literally the close of that chapter."

Nominated alongside Colin Farrell (The Banshees of Inisherin), Brendan Fraser (The Whale), Paul Mescal (Aftersun) and Bill Nighy (Living) at tonight's award show, Butler previously opened up to E! about how he hoped to pay tribute to the King of Rock 'n' Roll at the 2023 Oscars.

"It's hard to quantify a way to properly pay homage," he exclusively told E! News Chief Correspondent Keltie Knight in February. "It's changed my life, the experience of getting to live in his shoes and look out of his eyes for that amount of time. It's been one of the greatest gifts of my life. Being welcomed into his family is truly something I'm so honored about."

The 2023 Oscars air March 12 at 8 p.m. ET/5 p.m. PT on ABC. Check out every star on the Oscars red carpet below.

In Elie Saab Couture with Bulgari jewelry

In Moschino

In Gucci

In Vera Wang

In Dolce & Gabbana

In Alaïa with Moussaieff jewelry 

In Versace with Tiffany & Co. jewelry 

In Christian Siriano

In Louis Vuitton

In Vivienne Westwood with Pomellato jewelry 

In Alexander McQueen with Fred Leighton jewelry 

In Louis Vuitton

In Vera Wang with REZA jewelry

In Valentino with Chopard jewelry 

In Chanel Couture with Tiffany & Co. jewelry

In Louis Vuitton with Tiffany & Co. jewelry 

In Fendi with David Yurman and OMEGA jewelry

In Tamara Ralph with Pomellato jewelry 

In Christian Dior Couture with Moussaieff jewelry 

In Giorgio Armani with OMEGA and Fred Leighton jewelry 

In Armani Privé with OMEGA jewelry

In Dolce & Gabbana with Tag Heuer jewelry 

In LaQuan Smith

In Gucci

In Rodarte with Chopard jewelry 

In Dolce & Gabbana

In Gucci

Check out E! News' Oscars blog for a full recap of the 2023 Academy Awards.