James Franco Anne Hathaway Academy Awards Hosts 2011?

We hear that Hollywood heartthrob James Franco and former Disney darling Anne Hathaway have been tipped by the Academy of Motion Picture Arts & Sciences to host this year’s Academy Awards, following duo Steve Martin and Alec Baldwin, who fronted the 2010 ceremony.

“James Franco and Anne Hathaway personify the next generation of Hollywood icons— fresh, exciting and multi-talented. We hope to create an Oscar broadcast that will both showcase their incredible talents and entertain the world on February 27,” Oscar producers Bruce Cohen and Don Mischer said in a statement Monday. “We are completely thrilled that James and Anne will be joining forces with our brilliant creative team to do just that.”

Aussie actor Hugh Jackman, the popular host of the 2009 awards show, turned down an offer to return to the stage this winter due to scheduling conflicts for the filming of his Wolverine sequel.

Interestingly enough, both stars have generated Oscar buzz for their leading roles in two of the year’s most-talked about movies. Franco is expected to earn a nomination for his role as real-life hiker Aron Ralston in the adventure-drama 127 Hours. Anne, who was up for the Best Actress gong for Rachel Getting Married in 2009, is being hailed for her newly-released rom-com Love & Other Drugs.

The 2011 Academy Awards will be held at the Kodak Theatre in Hollywood on Feb. 27.

What do you think of Franco and Hathaway as Oscars co-hosts?