Credit: Stephen Lovekin/Getty Images; Jim Spellman/

And the Oscar-hosting duties go to...

Anne Hathaway and James Franco!

Former Oscar nominees Hathaway, 28 and Franco, 32, will co-host the 83rd Annual Academy Awards, set for Feb. 27, 2011.

The Academy of Motion Pictures and Sciences made the official announcement on its official Twitter page Monday. It's the first time hosting for both of the actors.

Last year's bash was emceed by Steve Martin and Alec Baldwin.

Tell Us: Will Hathaway and Franco make good Oscar hosts?