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Yup, we're as surprised as they are! But we also think this is a brilliant idea.

Producers Bill Mechanic and Adam Shankman said the following in a statement: "We think the team of Steve and Alec are the perfect pair of hosts for the Oscars. Steve will being the experience of having hosted the show in the past and Alec will be a completely fresh personality for this event."

Martin says he's "happy" to co-host "with my enemy Alec Baldwin." Baldwin reveals, "I don't play the banjo but I am thrilled to be hosting the Oscars - it's the opportunity of a lifetime."

Interesting to note, both actors will appear alongside Meryl Streep in the upcoming Nancy Meyers comedy It's Complicated this December... the Academy Awards will then take place on March 7th, 2010 at the Kodak Theatre.

We can't wait! This is a dream team!