James Franco & Anne Hathaway To Co-Host 83rd Annual Academy Awards

James Franco and Anne Hathaway are headed for the Oscars!

The “127 Hours” star and the “Love and Other Drugs” star will co-host the 83rd Annual Academy Awards, Access Hollywood has confirmed.

Anne has already proved her skills on the Oscar’s Kodak Theater stage. In 2009, she sang and danced with host Hugh Jackman during the telecast’s big opening production number introducing the Best Picture nominees; Anne represented the film “Frost/Nixon” in her portion of the skit, posing as Richard Nixon while being mock-interviewed by the charismatic Aussie host.

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

According to Deadline, which first broke the news about the duo hosting, both actors are considered contenders for acting nominations for their respective films.

James is getting significant buzz for his gripping portrayal of the real life rock climber who cuts off his own arm, Aron Ralston, in the Danny Boyle-directed “127 Hours.” Anne’s role in “Love and Other Drugs,” opposite Jake Gyllenhaal, is considered a long shot for a nomination by some Oscar handicappers.

The 83rd Annual Academy Awards will air live on ABC on February 27, 2011.

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