Martin, who has hosted the show twice before, and Baldwin, nominated for an Oscar in 2003 for his performance in "The Cooler," will take over the hosting duties from Australian heart-throb Hugh Jackman.

"We think the team of Steve and Alec are the perfect pair of hosts for the Oscars," show producers Adam Shankman and Bill Mechanic said in a 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, most recently seen playing Inspector Clouseau in a "Pink Panther" remake, said he was looking forward to teaming up with Baldwin.

"I am happy to co-host the Oscars with my enemy Alec Baldwin," Martin said.

Baldwin, 51, meanwhile referenced Martin's musical talents -- he is currently touring with bluegrass band Steep Canyon Rangers -- while describing his appointment as "the opportunity of a lifetime."

"I don?t play the banjo, but I?m thrilled to be hosting the Oscars," Baldwin said in the statement.

Baldwin and Martin follow in the footsteps of "Wolverine" star Jackman, who hosted a revamped Oscars show earlier this year that met with positive reviews.

Next year's Academy Awards will take place on Sunday March 7 at the Kodak Theater in Hollywood.