Martin, who has been an Oscars host twice before, and Baldwin, nominated for an Oscar in 2003 for his performance in The Cooler, follow in the footsteps of Australian actor Hugh Jackman when they step up at Hollywood's Kodak Theatre on March 7.

Jackman's hosting of a revamped Oscars this year met with positive reviews.

"We think the team of Steve and Alec are the perfect pair of hosts for the Oscars," the show's producers, Adam Shankman and Bill Mechanic, enthused in a joint statement.

"Steve will bring the experience of having hosted the show in the past, and Alec will be a completely fresh personality for this event."

Martin, 64, last on the big screen in 2006 as Inspector Clouseau in a remake of The Pink Panther, said he is looking forward to teaming up with Baldwin. "I'm happy to co-host the Oscars with my enemy Alec Baldwin," he joked.

Baldwin, 51, meanwhile referenced Martin's talents on the banjo - he is currently touring in the United States with bluegrass quintet Steep Canyon Rangers - while saying it is "the opportunity of a lifetime" to have landed the job at the Oscars.

"I don't play the banjo," Baldwin said, "but I'm thrilled to be hosting the Oscars."

AGENCE FRANCE-PRESSE