Brett Ratner is the director of Murphy's next film "Tower Heist;" and he happens to be producing the awards show with Don Mischer.
"Eddie is a comedic genius, one of the greatest and most influential live performers ever," Ratner said in a statement. "With his love of movies, history of crafting unforgettable characters and his iconic performances - especially on stage - I know he will bring excitement, spontaneity and tremendous heart to the show."
Murphy, 50, said in a statement Tuesday that he is "enormously honored to join the great list of past Academy Award hosts" such as Johnny Carson, Bob Hope, Billy Crystal, Steve Martin and Whoopi Goldberg.
Murphy began his career at the age of 15 as a stand-up comedian and made his feature film debut in 1982 with "48 Hrs." He went on to star in and produce dozens of films and TV shows, including the "Beverly Hills Cop," "Shrek" and "The Nutty Professor" franchises. In 2006, Murphy earned an Oscar nomination for his supporting role in "Dreamgirls."
The Oscars will take place at the Kodak Theatre on Sunday, Feb. 26, 2012 and will be televised live on ABC7.