Recently 2009 Oscars hosting favourite Hugh Jackman chose to suit up once again for Wolverine and ruled himself out of returning to host Hollywood’s biggest night, and while this year’s hosting duo of Steve Martin and Alec Baldwin did a good job they are not hosting next year’s event.

It’s been announced today that James Franco and Anne Hathaway are the dynamic duo doing the honours, making pre-scripted small talk and handing out gongs. It’s unexpected to say the least, though they are certainly icons of the young Hollywood which the Academy hope will ramp up the ratings.

Famously Bob Hope and Billy Crystal were Oscar mainstays in the 1960s and 1990s respectively and Jackman aside it has usually been a collection or solo comedians who have hosted the big backslap, and there’s absolutely no telling how Hathaway and Franco will do, particularly as Franco is pretty much guaranteed to be nominated for Best Actor for his role as Aron Ralston in Danny Boyle’s 127 Hours.

Click here to see how Jackman opened proceedings two years ago, with Anne Hathaway making a memorable contribution. It’s a class act.

Want the official word? Here’s a press release for your eyes,

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.

Deadline had it, although they did that awful Toldja nonsense too.