"I am happy to co-host the Oscars with my enemy Alec Baldwin," Martin said of his fellow emcee and and It's Complicated co-star.
The 64-year-old actor, author and musician has hosted the ceremony twice before, garnering an Emmy nomination for his work on the 2001 telecast. This will be Baldwin's first time.
"I don't play the banjo, but I'm thrilled to be hosting the Oscars — it's the opportunity of a lifetime," said Baldwin, who was an Oscar nominee in 2003 for The Cooler.
"We think the team of Steve and Alec are the perfect pair of hosts for the Oscars," Mechanic and Shankman said. "Steve will bring the experience of having hosted the show in the past and Alec will be a completely fresh personality for this event."
The 2010 Oscars will air Sunday, March 7, 2010 on ABC.