Credit: Soul Brother/FilmMagic

Eddie Murphy has 172 days to work on some new material.

The 50-year-old actor and comedian has been hired to host the 84th Annual Academy Awards, airing live on ABC February 26, 2012.

"I am enormously honored to join the great list of past Academy Award hosts from [Bob] Hope and [Johnny] Carson to [Billy] Crystal, [Steve] Martin and [Whoopi] Goldberg, among others," Murphy tells Us Weekly in a statement.

"I'm looking forward to working with Brett [Ratner] and Don [Mischer] on creating a show that is enjoyable for both the fans at home and for the audience at the Kodak Theatre as we all come together to celebrate and recognize the great film contributions and collaborations from the past year."

Murphy, who earned an Oscar nomination in 2006 for his supporting role in Dreamgirls, has never hosted the Academy Awards before.

"Eddie is a comedic genius, one of the greatest and most influential live performers ever," Ratner says. "With his love of movies, history of crafting unforgettable characters and his iconic performances -- especially on stage -- I know he will bring excitement, spontaneity and tremendous heart to the show Don and I want to produce in February."

Tell Us: Is Eddie Murphy a good choice to host the Academy Awards?