degeneresoscar460.jpg We couldn't think of anyone more perfect for the job!

Ellen DeGeneres is set to take over hosting duties for the 2014 Academy Awards!

This isn't the first time the talk show host was the master of ceremonies for Hollywood's biggest night. The stand-up comedienne previously hosted the star-studded event in 2007.

"We are thrilled to have Ellen DeGeneres host the Oscars. As a longtime friend, we had always hoped to find a project for us to do together and nothing could be more exciting than teaming up to do the Oscars. There are few stars today who have Ellen's gift for comedy, with her great warmth and humanity. She is beloved everywhere and we that the audience at the Dolby Theatre, and in homes around the globe, will be as excited by this news as we are," show producers Craig Zadan and Neil Meron said in a statement.

"I am so excited to be hosting the Oscars for the second time. You know what they say - the third time's the charm," the 55-year-old chimed in.

Audiences better be ready to laugh!