Anne Hathaway and James Franco to host Oscars

Anne Hathaway and James Franco have been confirmed as co-hosts for the 2011 Oscars.

The event's producers Bruce Cohen and Don Mischer have revealed they chose 'Love & Other Drugs' star Anne and 'Eat, Pray, Love' actor James to front the 83rd Annual Academy Awards - which will air live on February 27 - because the pair are "fresh, exciting and multi-talented".

They said in a statement to 'Access Hollywood': "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.

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

However, as well as hosting the annual event, the pair could be collecting Oscars themselves.

James is reportedly considered to be an early front-runner for the Best Actor gong thanks to his role in Danny Boyle's '127 Hours', the true life story of climber Aron Ralston, who cut off his own arm when he became trapped under a rock in the desert.

Meanwhile, it is thought Anne may be nominated for her portrayal of a young sufferer of Parkinson's disease in Ed Zwick's 'Love & Other Drugs'.