UPDATED: James Franco &amp; Anne Hathaway <i>Are</i> Hosting The Oscars!

Steve Martin and Alec Baldwin's co-hosting of last year's Academy Awards didn't exactly go off without a hitch, but could another year of multiple hosts work out better in 2011? That's what the Academy of Motion Picture Arts & Sciences is hoping, it seems, based on a new report that actors James Franco and Anne Hathaway have been offered the Oscar co-hosting job.

Deadline has the scoop, stating that the Academy has extended an offer to both Franco and Hathaway to host the 83rd edition of the awards ceremony. The report notes that it "looks like" both actors have accepted the job, with an announcement possible as soon as this week.

If an offer has been made and accepted, then Franco and Hathaway could very likely find themselves not only hosting the awards show, but vying for an Oscar of their own as well. Franco's performance in 127 Hours has been generating awards season buzz for months now, with many arguing that he's a virtual lock for victory, let alone a nomination. Hathaway, too, has some heat on her side due to her recent turn in Love & Other Drugs, though the Best Actress field this year is more crowded than usual, with Black Swan star Natalie Portman and The Kids Are All Right actress Annette Bening leading the pack.

Word of Franco and Hathaway's possible Oscar involvement is interesting for another reason: both actors were recently rumored for director Ridley Scott's Alien prequels. Bizarre coincidence or a sign that the rumors might actually have some weight? You be the judge!

UPDATE: Looks like it's official! Here's the press release from the Academy:

Beverly Hills, CA — James Franco and Anne Hathaway will serve as co-hosts of the 83rd Academy Awards®, Oscar 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 Oscar 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 Oscar telecast. His other film credits include “Eat, Love, Pray,” “Date Night,” “Milk” and “Pineapple Express.” Franco is also known for his portrayals 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.“ Hathaway’s other film credits include “Bride Wars,” “Becoming Jane,” “The Devil Wears Prada” and “The Princess Diaries.” She 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 on the ABC Television Network. The Oscar presentation also will be televised live in more than 200 countries worldwide.

Sony's Uncharted Film Loses Another Director

More in Movies