The satire on political correctness caused a major upset in May when it was awarded the most prestigious prize at the Cannes Film Festival by a jury including Pedro Almodovar.
READ ALSO: The Square stuns Cannes with Palme d'Or win
Now, it has a chance to become Sweden's first Best Foreign Language Film winner since Ingmar Bergman's Fanny and Alexander took the Oscar in 1983 – provided the Academy Awards jury send it through to the five-film shortlist in January.
Director Ruben Östlund told The Local he's pleased, though he considers the Palme d'Or to be a greater honour:
"It's great. The Oscars are the world's second best film awards, so it's nice."
"The Palme d'Or is definitely more important. That has only been handed out 70 times ever, whereas there are loads of people with Oscars," he elaborated.
Östlund's tone contrasts that of a parody video he released the last time one of his movies had a chance to earn an Oscar. In 2015 he made the video "Swedish director freaks out when he misses out on Oscar nomination" about a "shocking snub" for Force Majeure after it failed to make the final Best Foreign Language Film shortlist.
The clip, which comes with the description "worst man cry ever" has been watched almost 150,000 times on Youtube.
Östlund thinks his chances are better this time however – understandably, after the Cannes win:
"It has been given really good reviews in the US, so that's a sign it could go down well with the Oscars academy members."
In his sights next is the world of fashion. The Gothenburg native is now already in the process of attempting to follow up The Square's success.
"I'm working on a film called Triangle of Sadness just now, which is about the fashion and cosmetics industry," he revealed.
The last Palme d'Or winner to go on and win a Best Foreign Language Oscar was Michael Haneke's “Amour” in 2013. The Square will be released in Swedish cinemas on August 25th.