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Emma Stone wows in keyhole cutout gown as she and Ryan Gosling are swarmed by fans while being honored for La La Land at the SBIFF

Published: 01:06 EST, 4 February 2017 | Updated: 01:08 EST, 4 February 2017

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Their film La La Land looks set to dance its way to victory at the biggest night in Hollywood after picking up 14 Oscars nominations.

So it's no wonder Emma Stone and Ryan Gosling were swarmed by adoring fans as they were honored with the Outstanding Performers of the Year Award at the 32nd Annual Santa Barbara International Film Festival on Friday.

Emma, 28, oozed old Hollywood glamour in a plunging fringed dress with keyhole cutouts that flashed a hint of her toned torso.

Flawless: Emma Stone oozed old Hollywood glamour while being honored at the 32nd Annual Santa Barbara International Film Festival on Friday

Praised: Ryan and Emma were honored with the Outstanding Performers of the Year Award at the SBIFF

And 36-year-old Ryan smoldered in a pinstripe suit with crisp white dress shirt and black necktie.

The Drive actor was handsome as ever with his blond mane combed to one side and while sporting a bit of facial scruff as he signed autographs.

Emma's fiery red tresses fell just to her shoulders and were styled in soft, silky relaxed waves.

She kept her accessories to a minimum with simple diamond earrings and let the dress take center stage.

Showstopper! The 28-year-old star donned a plunging fringed dress with keyhole cutouts that flashed a hint of her toned torso

Luscious locks: Emma's fiery red tresses fell just to her shoulders and were styled in soft, silky relaxed waves

The two-time Oscar nominee's green eyes sparkled with a thin black liner, rosy blush and pale pink glossed lips.

In their comedic movie-musical, Ryan plays a jazz pianist that falls in love with an aspiring actress in LA, played by Emma.

They were both nominated for an Oscar for their roles in the Damien Chazelle-directed film.

Hollywood hunk!The two-time Oscar nominee smoldered in a pinstripe suit with crisp white dress shirt and black necktie

Fan-atical! The Superbad actress made time to stop and sign autographs for the masses of admirers

Svelte star! Stone showcased her enviable figure in the backless number while posing up a storm on the red carpet

When nominations were announced, both A-listers were thrilled to receive the exciting news.

'What a morning. I am so grateful for this honor and I'm so happy to share this feeling with my La La Land family,' she gushed.

'The greatest part of life is connecting with people, and I love the deeply talented, kind and passionate people I was lucky enough to work with on this movie.

'I'm also overjoyed that the movie has connected with audiences in the way it has, and that it's hopefully bringing a kick in their step to those who watch it.

Elegant: She kept her accessories to a minimum with simple diamond earrings and let the dress take center stage

Emma's embrace! Stone was greeted with a hug by the film's writer and director, Damien Chazelle

'This is beyond any of our wildest imaginings and we can't wait to celebrate together,' she boasted over the smash-hit musical.

Gosling told E! News: 'I'm very grateful to the Academy for recognizing my work in La La Land. It was a true collaboration, so to see everyone else's wonderful work on the film acknowledged so generously makes it even more special.'

The Academy Awards will take place in Los Angeles on February 26.

'I am so grateful': The smash hit musical - with co-star Ryan Gosling - looks set to dance its way to victory at the biggest night in Hollywood after picking up 14 Oscar nominations