Hollywood actors James Franco and Anne Hathaway will co-hosts the 83rd annual Academy Awards.

The announcement that James and Anne will be sharing hosting duties came after a highly anticipated search for a new host. Hugh Jackman had earlier appeared to be the front runner, but the Australian hunk had said he won't be hosting the Oscars next year.

Both Franco, and Hathaway, who had famously sung-and-danced with Australian actor Hugh Jackman on a previous award show, have appeared on the telecast of the show, 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 Oscar telecast producers Bruce Cohen and Don Mischer, in a statement.

"We are completely thrilled that James and Anne will be joining forces with our brilliant creative team to do just that."

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

Franco's co-host Anne Hathaway will be making her fifth appearance on an Academy Awards telecast. She recently appeared in Tim Burton's 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.