This is interesting… instead of going with an old hand or some known comedian, the Oscar hosts for the 2011 awards show are reportedly… Anne Hathaway and James Franco. That’s FRANCO – because I first read it as “Jake Gyllenhaal”. Anyway, this is nailed down, but it does come from Nikki Finke, she of the best Hollywood scoops. I suppose it would be a bold decision… after all, Franco is likely to get an Oscar nomination for 127 Hours, and I can’t even remember the last time the Academy had a host who was also nominated in the same year. As for Anne… well… er… sure.

I’ve just learned that the Academy of Motion Picture Arts & Sciences has asked James Franco and Anne Hathaway to host the 83rd annual Academy Awards on February 27th, and it “looks like” both young stars have accepted the offer.

There is always the chance that one or both of them might back out because of prior commitments and other concerns. But my sources say the host announcement could be made as soon as this week. Both are starring in Fox movies out in theaters now: Franco in Fox Searchlight’s 127 Hours, and Hathaway in 20th Century Fox’s Love And Other Drugs.

The star of Princess Diaries and The Devil Wears Prada, Hathaway did a major dance and musical number with then host Hugh Jackman at the Academy Awards two years ago. Franco is also a multitalented actor who has taken risks in everything from the Spider-Man movie franchise to ABC’s General Hospital. Both are equally adept at comedy and drama. Their selection, if it pans out, is an inspired choice and demonstrates how much current Academy president Tom Sherak wants to improve Oscar ratings.

What’s most unusual about their hosting is that both thesps may be Oscar nominees themselves in the fiercely competitive Best Actor and Actress categories this awards season. Franco is considered a shoo-in for a nomination director Danny Boyle’s thriller 127 Hours, the real life story of a trapped hiker who must choose between his arm and freedom. And Hathaway is more of a long-shot in director Ed Zwick’s romantic dramedy Love And Other Drugs which opened soft at the box office this past weekend. That might be the main reason one or both of the stars decide to beg off. A decision like this to host the Academy Awards is made by committee with a star’s agent, publicist, manager and even studio weighing all the pro and con options. Which is why the Academy has such a tough time finding good people every year to host because it can be such a career-altering decision. And even more so when the stars are this young.

[From Deadline]

Anne seems like the safe pick that Middle America will like (she was in those princess movies!), and Franco is the artsy “New York liberal” pick – he was on 30 Rock (hilarious) and he’s published a book of crappy short stories and he does photo shoots in drag and he’s an intense artist and everything. Here’s the kicker though – I actually think James Franco would be really, really good and just naturally funny and charming as a host, while Anne will probably come across like she’s trying too hard. Just my opinion.

Photos courtesy of WENN.