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Actor Steve Martin presents during AFI's Night At The Movies presented by Target held at ArcLight Cinemas on October 1, 2008 in Hollywood, California. (Stephen Shugerman, Getty Images for AFI)

Steve Martin and Alec Baldwin will co-host the 2010 Oscars.

Martin received an Emmy Award nomination for hosting the 73rd Academy Awards and returned to take charge of the 75th event, but Baldwin has never fronted the big show.

Making the announcement, new Oscar telecast producers Bill Mechanic and Adam Shankman stated, "We think the team of Steve and Alec are the perfect pair of hosts for the Oscars."

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

Martin jokes, "I am happy to co-host the Oscars with my enemy Alec Baldwin," while 30 Rock star Baldwin added, "I’m thrilled to be hosting the Oscars. It’s the opportunity of a lifetime."

Baldwin was nominated for an Academy Award in 2003 for his supporting role in The Cooler. That year also marked his most recent appearance as a presenter on the show.

The Oscars will be presented on March 7th at the Kodak Theatre in Hollywood.

The show needed to find a new host after last year's host, Aussie actor Hugh Jackman, reportedly turned the offer down.