UPDATE: According to The Hollywood Reporter, Cohen himself hasn't been banned from the Academy Awards, but any potential stunts are not welcome.
Says an Academy source: "We haven't banned him. We're just waiting to hear what he's going to do."
EARLIER: Sacha Baron Cohen has been banned from this Sunday's Oscars ceremony by the Academy of Motion Picture Arts & Sciences, despite the fact that he starred prominently in the Best Picture-nominated Hugo.
A source explained the move to Deadline: "Unless they’re assured that nothing entertaining is going to happen on the Red Carpet, the Academy is not admitting Sacha Baron Cohen to the show."
Clearly the Academy is fearing some sort of spectacle, red carpet or otherwise, ahead of the release of Cohen's controversial film The Dictator -- and preemptive action was taken.
The telecast begins Sunday at 7 p.m. ET on ABC, and The Dictator hits theaters May 11.