Producers of the awards show made the announcement on Friday in a statement, joking that Ted got the gig by pulling strings with Oscars host Seth MacFarlane, who voiced the character in the film, "Ted."
The statement quoted Ted saying he's very excited to present an Oscar with Wahlberg but he will be spending some time learning to pronounce Quvenzhané. Actress Quvenzhané Wallis is nominted for best actress in a leading role for her part in "Beasts of the Southern Wild."
Wahlberg has been nominated twice for Academy Awards - in 2006 for his supporting role in "The Departed" and in 2010 as a producer of "The Fighter."
With the big night quickly approaching, play the My Picks game to choose who you think will win in each award category.
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The Oscars will air live on ABC7 on Feb. 24.