The announcement was made Monday by telecast producers Adam Shankman and Bill Mechanic.
This will be model Ireland's and "The View" panelist Shepherd's first time as hosts of ABC's Oscar pre-show.
Cagle, the managing editor of Entertainment Weekly, also served as host of ABC's red carpet coverage last year.
Oscars for outstanding film achievements of 2009 are to be presented March 7 at the Kodak Theatre at Hollywood & Highland Center.
Attkisson leaves CBS News, reportedly over network's 'liberal bias'
Duggar sisters unveil Christian dating rules in new book