Philbin can be seen weekday mornings on the New York-based chat show "Live with Regis and Kelly."
The Academy Awards are to be handed out Feb. 24 at the the Kodak Theater at Hollywood & Highland Center in Hollywood, and telecast on ABC.
Philbin will be joined by co-hosts Samantha Harris and Shaun Robinson for the red-carpet festivities preceding the prize presentation, Oscar executive producer Gil Cates and producer Dennis Doty announced Friday.
This marks Harris' first time working on "Oscar's Red Carpet Show" and Robinson's fourth.
Harris is best known as a reporter for "E! News" and co-host on "Dancing with the Stars."
Robinson is the weekend co-host and correspondent for "Access Hollywood."
Celebrity Families of 2014 [PHOTOS]