Last year, Alec Baldwin and Steve Martin took the stage at the Academy Awards and did a great job hosting.  Now there's a rumor that the Academy may be going for co-hosting again but with James Franco and Anne Hathaway.  Deadline is reporting that the pair has accepted the gig and an official announcement could be made this week.  However, I'm in agreement with Awards Daily that this rumor is bunk.  While Franco and Hathaway are charming, it's tough to see them as a draw for expanding the show's dwindling audience.  However, it would be interesting to see the Oscars hire a host who is likely to receive an Oscar nomination (Franco for 127 Hours).  While I think Franco and Hathaway could do a great job, I'm remaining skeptical.  Click here to see Hugh Jackman's wonderful opening number with Hathaway from two years ago.

Update: So much for my skepticism.  The Academy of Motion Picture Arts and Sciences has announced that James Franco and Anne Hathaway will host the 83rd Academy Awards.  Best of luck to them both.  Hit the jump for the press release.

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Here's the press release:

JAMES FRANCO AND ANNE HATHAWAY To Host Oscars® Show

James Franco and Anne Hathaway will serve as co-hosts of the 83rd Academy Awards®, Oscars telecast producers Bruce Cohen and Don Mischer announced today. Both have previously appeared on the telecast but not in hosting capacities.

“James Franco and Anne Hathaway personify the next generation of Hollywood icons -- fresh, exciting and multi-talented. We hope to create an Oscars broadcast that will both showcase their incredible talents and entertain the world on February 27,” said Cohen and Mischer. “We are completely thrilled that James and Anne will be joining forces with our brilliant creative team to do just that.”

Franco, who currently can be seen in “127 Hours,” will be making his second appearance on an Oscars telecast. His other film credits include “Eat, Pray, Love” “Date Night,” “Milk” and “Pineapple Express.” He is also known for his portrayal of Harry Osborn in the “Spider-Man” trilogy.

Hathaway will be making her fifth appearance on an Academy Awards telecast. She was recently seen in “Alice in Wonderland” and currently can be seen in “Love and Other Drugs.” Her other film credits include “Bride Wars,” “Becoming Jane,” “The Devil Wears Prada” and “The Princess Diaries.” Hathaway was nominated for an Oscar in 2008 for her lead performance in “Rachel Getting Married.”

Academy Awards for outstanding film achievements of 2010 will be presented on Sunday, February 27, 2011, at the Kodak Theatre at Hollywood & Highland Center, and televised live as

“The 83rd Annual Academy Awards” on the ABC Television Network. The Oscars presentation will be televised live in more than 200 countries worldwide.