Eddie Murphy appeared to be in a good mood when we spotted him leaving Restoration Hardware with several bags full of goodies today, but the comedian stayed mum on why he backed out of hosting the 2012 Academy Awards.

Murphy announced that he was stepping down from the gig just one day after Brett Ratner resigned from producing the awards show, and it's widely speculated that Eddie didn't feel comfortable doing the show without the Tower Heist director by his side. After causing public outrage for using a gay slur in a recent interview, it makes sense that Ratner would back out of producing the telecast, but everyone still wants to know what was going through Murphy's head when he decided to bail.

Brian Grazer will now produce the Oscars, but AMPAS has yet to reveal who will replace Murphy as host.

Producer Brett Ratner stepped down from the awards show on Tuesday, and on Wednesday it was announced that Eddie Murphy will no longer be hosting.

Ratner, Murphy's director in Tower Heist, had brought Murphy on as host. Odds are Murphy did not feel comfortable doing the awards show -- often a gamble for actors' careers (remember James Franco and Anne Hathaway's debacle from last year?), without Ratner by his side.

“I appreciate how Eddie feels about losing his creative partner, Brett Ratner, and we all wish him well,” said Academy of Motion Picture Arts and Sciences President Tom Sherak.

A release from Murphy said:

"First and foremost I want to say that I completely understand and support each party’s decision with regard to a change of producers for this year’s Academy Awards ceremony. I was truly looking forward to being a part of the show that our production team and writers were just starting to develop, but I’m sure that the new production team and host will do an equally great job."

Eddie Murphy has found the perfect way to spend his millions! The 50-year-old comedian is the proud owner of a black Mercedes Benz SLS AMG ... worth over $200,000! Check out that sexy red leather interior.

We're lovin' how the Beverly Hills Cop actor, who flashed the peace sign, casually opens up the gullwing door and gets in. That's how he rolls.

You go, boy!

Deadline reported Tuesday morning that Eddie Murphy is definitely hosting the Oscars, though the Academy has not yet made an announcement.

Director Brett Ratner produces the show, and he will tell the Academy of Motion Picture Arts & Sciences that he's chosen Murphy to host. Murphy stars in Ratner's comedy Tower Heist, out in November.

Usually, an Oscar host is not announced until January, but reportedly Murphy's talent agency, WME, thinks the news would be a good boost to his career.

He hasn't starred in a live-action pic on the big screen since 2009's forgettable Imagine That.

Murphy has stand-up comedy roots that may be what the show needs after last year's dismally reviewed show with Anne Hathaway and James Franco. Stand-ups have done best in the past -- the 1998 show hosted by Billy Crystal is still the top-rated telecast of all time.

UPDATE [12:05 p.m. PST]: The Academy has officially announced Murphy as host.

Director Brett Ratner has apologized over a joke made in the trailer for his new action/comedy Tower Heist.

In the spot, Eddie Murphy's character calls Ben Stiller's "little seizure boy." He says: "All the kids would be crying -- your eyes would be rolling back, the foam coming out -- it was very scary!" (watch above.)

Heroes actor Greg Grunberg, who has a 15-year-old epileptic son, called for a boycott of the flick, Tweeting, "TERRIBLY OFFENSIVE TRAILER for #TowerHeist – Making fun @ people w/ seizures is NOT FUNNY & WRONG! 'Seizure Boy!' REALLY? #Boycott RT." He said of the studio, "They probably just don’t even realize the people they are offending and how this could possibly offend people.”

But Ratner (right) apologized over the weekend, saying, "I sincerely feel bad," and promising to ask Universal to remove the joke.

Meanwhile, Ratner is working to get Murphy as next year's Oscars host.

Deadline is reporting that Oscar producer Brett Ratner will tell the Academy of Motion Picture Arts & Sciences that he wants Eddie Murphy to host next year's Oscars.

The site reports that this would be the first step in getting Murphy in for the gig -- the deal is far from done. But, Ratner reportedly is only interested in Murphy, though other big names have shown interest in the hosting job.

And, apparently Eddie's talent agency, WME, thinks hosting would be a good idea for his career. Murphy hasn't starred in a live-action movie on the big screen since 2009's Imagine That (he voiced in 2010's Shrek Forever After.) He has the comedy Tower Heist, co-starring Ben Stiller and Matthew Broderick, out Nov. 4 -- Ratner directed the pic.

Murphy has the stand-up comedy experience that many in the industry say are key for a good Oscars show. He has never hosted before.

Who knew funny guy turned (failed) family film star Eddie Murphy was hiding all that underneath his clothes?

Eddie gave McConaughey a run for his money when he hit the beach in Maui shirtless.

Can you believe he's 48???

With a string of failed relationships (not to mention failed movies) plaguing his last few years, will this summer bring Eddie Murphy some success?

Well, from the looks of his new film, Imagine That, I'm cautiously optimistic (it IS a Nickelodeon movie, after all!). As for his new girlfriend? I'd say outlook is a little less favorable.