Over 55 reviews done for GOW 3, the game has an average of 9.3. Below are the reviews:

http://www.gamestats.com/objects/886/886158//articles.html

The game is a strong contender for game of the year. Best game of the year so far.

http://apps.metacritic.com/games/platforms/ps3/godofwar3

and, if you consider the metacritic rating, it is NOT the GOTY so far

I think GOTY is this one :

http://www.metacritic.com/games/platforms/xbox360/masseffect2?q=mass effect 2

oups, just noted the "inferior" LOL PC version only got 94 ...
http://www.metacritic.com/games/platforms/pc/masseffect2?q=mass effect 2

No, don't forget Zelda Wii ;)

Well that is pretty sweet for God of War, but there are a decent amount of games that have at least 15 critics giving it a 10/10.

And i seriously doubt this is a strong contender for GOTY.

I'm sure it will get more perfect scores...

you seriously doubt its a strong contender? There is no other game to contend with Mass Effect 2. Not until later this year. It definitely is a VERY Strong contender. Just because its 2 pts under doesn't mean it cant win. 

this

I would be surprised of GoWIII won GOTY simply because it's a short game, and most sites give GOTY awards to longer games. The only way a short game ever seems to win GOTY is if there's online multiplayer. It's also a Q1 release, which makes it even more difficult for it to win GOTY.

Awesomesauce!

Media Molecule's next game, or Halo Reach will be in with other chances. Or even GT5, although I think a GT game is less likely to be voted GOTY.

I think god of war 3 is too short and shallow of an experience to win GOTY.

Since its all over within 10 hours with no sandbox to play in and no multiplayer...
But then again, Mario Gallaxy proves me otherwise.