The announcement ended US President Donald Trump's hope of winning the prestigious title this year.

"Machado has been a key, unifying figure in a political opposition that was once deeply divided – an opposition that found common ground in the demand for free elections and representative government," read the statement issued by the Nobel Prize Award giving body.

"This is precisely what lies at the heart of democracy: our shared willingness to defend the principles of popular rule, even though we disagree," the statement said.

Venezuela’s authoritarian regime makes political work extremely difficult.

As a founder of Súmate, an organisation devoted to democratic development, Machado stood up for free and fair elections more than 20 years ago.

Ahead of the 2024 polls, her candidacy was blocked by the regime.

She then backed the representative of a different party, Edmundo Gonzalez Urrutia, in the election.

In the past year, Machado has been forced to live in hiding. Despite serious threats against her life, she has remained in the country, a choice that has inspired millions of people.