Hugh Jackman is out. Steve Martin and Alec Baldwin are in.

The Academy of Motion Picture Arts and Sciences announced on Tuesday that funnyman Martin and Oscar-nominated actor Baldwin would co-host the 82nd Academy Awards ceremony.

Next year's Academy Awards will take place on March 7 at the Kodak Theatre in Hollywood.

Jackman got rave reviews and TV ratings jumped for his singing-dancing-stand-up comedy performance as host of the last Oscars but he politely declined an invitation from the Academy for a repeat performance.

The Australian Tony Award winner has a full slate of theatre and film projects the next 12 months, including his current run on Broadway with Daniel Craig in the play A Steady Rain and movies including the western Unbound Captives with teen heart-throb Robert Pattinson, a Wolverine sequel and the Shawn Levy-directed drama The Real Steel.

Robert Downey Jr and Ben Stiller also reportedly declined invitations to host.

That led the Academy to ask Martin and Baldwin to share Hollywood's highest-profile, but toughest, job.

The last time the Oscars had multiple hosts was 1986 when Paul Hogan split the gig with Chevy Chase and Goldie Hawn.

"We think the team of Steve and Alec are the perfect pair of hosts for the Oscars," producers of the Oscar TV telecast, Bill Mechanic and Adam Shankman, announced in a joint statement.

"Steve will bring the experience of having hosted the show in the past and Alec will be a completely fresh personality for this event."

The new hosts are not strangers to the Academy Awards.

Martin hosted the 73rd and 75th Academy Awards shows, earning an Emmy nomination for the first stint, while Baldwin was nominated for an Oscar in 2003 for his performance in The Cooler and has been an Oscar presenter.

Martin and Baldwin are also well acquainted after starring together in the upcoming comedy with Meryl Streep, It's Complicated.

Musical opening acts likely won't die with Jackman as Martin is an expert with the banjo, earning a Grammy Award in 2001, and is currently touring with the bluegrass band Steep Canyon Rangers.

"I don't play the banjo but I'm thrilled to be hosting the Oscars. It's the opportunity of a lifetime," Baldwin joked.