As proof, a newly released ABC promo shows the duo "rigorously preparing for every possible Oscar emergency." Set to the theme music from Rocky, the clip depicts Hathaway and Franco warming up for their emceeing stint by doing biceps curls with -- what else? -- Oscar statuettes. It then cuts to a dance lesson, where Hathaway clumsily topples to the floor after a twirl (apparently they still have some work to do in the choreography department). But what if the strap should break on Anne's dress mid-ceremony, causing a Janet Jackson-esque "wardrobe malfunction"? Don't worry -- Franco's got that covered. Literally. Watch below and see for yourself!
In addition to his hosting duties, Franco, 32, is nominated for best actor for his role in 127 Hours. While Hathaway isn't up for an Academy Award this year, the 28-year-old is a nominee for several categories in our 2nd Annual iVillage Entertainment Awards (which are just as prestigious)! She and Love and Other Drugs costar Jake Gyllenhaal are in the running for Sexiest Onscreen Chemistry. And she's also a contender for Most Flawless Red-Carpet Fashionista, as well as Most Spot-On SNL Impression of a Star for her hilarious portrayal of Katie Holmes.
Are you excited for Anne Hathaway and James Franco to host the Academy Awards? Chime in below!