Adpative skier Hall has won the overall athlete award for the past two years and shared the honour with Wells in 2008.
Hall is considered the overwhelming favourite to claim the award for the third year in a row after his Winter Paralympic slalom win in Vancouver in March, an accomplishment which also earned him the Otago Sportsperson of the Year title in May.
Hall, who has spina bifida, was the first disabled athlete to win the Otago Sportsperson of the Year award.
When he accepted the top snowsports athlete award last year, he told everyone he would be back in 2010 with a Winter Paralympic gold medal around his neck.
Wells was named world freeskiing champion in March after a string of top performances on the United States and Canada competition circuit - including his second podium finish at the prestigious Winter X Games - during the northern hemisphere winter.
He also won his maiden New Zealand Freeskiing Open halfpipe title at Cardrona last year, and followed that with second in the slopestyle discipline at The Remarkables during the Winter Games.
An Otago junior sportsperson finalist this year, Wells lost out to Wanaka snowboarder Kendall Brown who won the category for her semifinal finish in the women's halfpipe at the Winter Olympics.
Brown's 15th placing should install her as a favourite to win the snowboarder of the year category at the snowsports awards.
The overall award winner is chosen from the category winners.
New Zealand's snowsports athletes and award finalists are taking part in the Queenstown Winter Festival Parade at 1pm on Saturday, prior to the prizegiving ceremony and dinner at winterfest venue the Ice Box from 5:30pm.
