The panel is scheduled to meet on Wednesday and make the final decision on the laureate.
Terleckas is supported by the Ministry of Foreign Affairs, MEP and former chairman of the Supreme Council-Reconstituent Seimas Vytautas Landsbergis, and ex-Lithuanian President Valdas Adamkus.
Remeikis is backed by the Lithuanian World Community.
The aim of the Lithuanian Freedom Prize, established by the Seimas, is to acknowledge the achievements and contribution of individuals and organizations to the protection of human rights, democratic development, and fostering of international cooperation for the cause of sovereignty and the right to self-determination of Eastern and Central European nations.
The prize will be awarded on 13 January, the Day of Freedom Defenders.
The First Freedom Prize was awarded to Russian dissident and human rights activist Sergey Kovalev last year.