On Friday morning, the hilarious talk show host announced the exciting news via Twitter.
Craig Zadan and Neil Meron, producers for The 85th Academy Awards, expressed their excitement over Ellen hosting the show during an official press conference.
“We are thrilled to have Ellen DeGeneres host the Oscars," said Craig and Neil. "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 expect that the audience at the Dolby Theatre, and in homes around the globe, will be as excited by this news as we are."
Everyone over at the Academy is excited to see Ellen host the upcoming award show, including Cheryl Boone Isaacs, President of The Academy of Motion Picture Arts, who was just elected to her position on Tuesday!
"I agreed with Craig and Neil immediately that Ellen is the ideal host for this year's show," Cheryl said, and added, "We're looking forward to an entertaining, engaging and fun show."
This is not the first time Ellen has taken on the responsibility of hosting such a prestigious awards show. She also hosted The Academy Awards in 2007.
"I am so excited to be hosting the Oscars for the second time,” Ellen said in an official statement. “You know what they say - the third time's the charm."
The 85th Academy Awards will be broadcast live Sunday March 2, 2014 on ABC.