"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 Feb. 27," Cohen and Mischer said in a statement.
Franco has been receiving Oscar buzz for his role in 127 Hours, in which he plays real-life climber Aron Ralston, who cut off his right arm to free himself after his arm was trapped by a boulder.
This will be Hathaway's fifth appearance on an Academy Awards telecast. She can currently be seen opposite Jake Gyllenhaal in Love and Other Drugs. She was nominated for best actress in 2009 for her role in Rachel Getting Married and performed a song-and-dance routine with host Hugh Jackman at that year's ceremony.
Nominations will be announced Tuesday, Jan. 25.
The 83rd Academy Awards airs live on Sunday, Feb. 27 on ABC.