Oscar producers Bill Mechanic and Adam Shankman have just announced that Steve Martin and Alec Baldwin will co-host the 82nd Annual Academy Awards®, stepping in for Hugh Jackman after his outstanding performance last year.

Martin has hosted the Oscars twice before, while this will be Baldwin’s first go at serving as host for the prestigious night.

“I am happy to co-host the Oscars with my enemy Alec Baldwin,” commented Martin while Baldwin added, “I don’t play the banjo but I’m thrilled to be hosting the Oscars – it’s the opportunity of a lifetime.”

The 82nd Annual Academy Awards will air live from the Kodak Theatre on Sunday, March 7, 2010 on ABC.