It will be Murphy’s first time in the role and the ceremony is schecduled for 26th February 2012.
In a statement Eddie Murphy said he was “enormously honoured” to join the ranks of Oscar hosts like Hugh Jackman in 2009 and Chris Rock in 2005.
One of the Oscar telecast producers, Brett Ratner, also directed Murphy’s latest film, Tower Heist.
He said, “Eddie is a comedic genius, one of the greatest and most influential live performers ever.”
“With his love of movies, history of crafting unforgettable characters and his iconic performances, especially on stage, I know he will bring excitement, spontaneity and tremendous heart to the show Don and I want to produce in February.”
Co-producer Don Mischer added: “Eddie is a truly ground-breaking performer, whose amazingly diverse array of roles has won him a devoted audience of all ages.”
“His quick wit and charisma will serve him very well as Oscar host.”
Eddie Murphy was nominated for the best supporting actor Oscar in 2006 for Dreamgirls but lost out to Alan Arkin in Little Miss Sunshine.
He’s also starred in films like Nutty Professor, Doctor Dolittle, Beverly Hills Cop and voiced Donkey in Shrek franchise.