"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," producers Bruce Cohen and Don Mischer said in a statement.
Franco, 32, is the star of "127 Hours," a movie about a hiker who had to amputate his own arm.
The two have not worked together previously. And here's a fun fact: if you add their ages together, they are still five years shy of one of last year's co-hosts, the 65-year-old Martin.
Hathaway performed a memorable song-and-dance number with Jackman at the 2009 show.
- NewsCore contributed to this report.