Telecast producers Craig Zadan and Neil Meron announced their choice for the big show on Monday (01Oct12).
A joint statement from the Oscars bosses reads: "We are thrilled to have Seth MacFarlane host the Oscars. His performing skills blend perfectly with our ideas for making the show entertaining and fresh. He will be the consummate host, and we are so happy to be working with him."
The thrilled director/funnyman says, "It's truly an overwhelming privilege to be asked to host the Oscars. My thoughts upon hearing the news were, one, I will do my utmost to live up to the high standards set forth by my predecessors; and two, I hope they don't find out I hosted the Charlie Sheen Roast."
The big news comes just weeks after McFarlane won critical acclaim for hosting comedy show Saturday Night Live for the first time.
The Academy Awards will be presented on 24 February (13) at the Dolby Theatre in Hollywood.
Revered showman Don Mischer will direct the telecast for the third consecutive year.