FRANCO And HATHAWAY To Host OSCARS 2011?

** UPDATE** : AMPAS confirm Franco and Hathaway as the new hosts! Official press release here.

 The Academy of Motion Picture Arts & Sciences has apparently asked James Franco and Anne Hathaway to host the Academy Awards ceremony, and it “looks like” both young stars have accepted the offer – Deadline reports.

Sources suggest the host announcement could be made as soon as this week! Both are starring in Fox movies out in cinemas – with Franco in Fox Searchlight‘s ‘127 Hours‘, and Hathaway in 20th Century Fox‘s ‘Love And Other Drugs‘.

Hathaway wowed audiences at the Oscars two years ago, after she took part in a major dance and musical number with then host Hugh Jackman.

As for Franco, he’s is also a multitalented actor who is equally adept at comedy and drama, as is Hathaway.

If this report is confirmed by the Academy, will Tom Sherak (Academy’s prexy) manage to improve viewer ratings?