Weir, 29, and Lipinski, 31, were breakout stars during the Sochi Olympics thanks to their great chemistry and hilarious yet insightful commentary. The two will join Billy Bush, Shaun Robinson and Liz Hernandez.
"I am honored and so excited to be a part of the team for Access Hollywood's Oscar coverage," Weir said in a statement. "There is no time that LA shines brighter than during the Oscar's and I hope to bring my own special brand of sparkle to the broadcast. I am so privileged to work with my great friend, Tara Lipinski and together we hope to entertain America's pants off."
Added Lipinski: "I am so excited to be a part of the biggest night in Hollywood. Johnny and I had such an incredible time working with Access Hollywood in Sochi and we are excited to keep the fun rolling."
The 86th Academy Awards, hosted by Ellen DeGeneres, will air live Sunday, March 2 at 8:30 p.m. ET/ 5:30 p.m. PT on ABC.