Although no official announcement had been made, sources told the Los Angeles Times Oscars telecast producer Gil Cates and Academy of Arts and Sciences officials have chosen the anchor of the cable network's "The Daily Show with Jon Stewart."
The deal was reportedly wrapped up right before Christmas.
Stewart, 43, was the host for the Grammy Awards in 2001 and 2002 but this will be his first time handling the motion picture awards ceremony.
The Academy declined to confirm the report.
The Times said Stewart will probably take a week off from his "Daily Show" duties prior to the March 5 Academy Awards broadcast.