This will mark the pair's first involvement with the Academy Awards. The ceremony will air live on ABC on Feb. 28.
"We're delighted to have this talented team on board," Boone Isaacs said in a statement Tuesday. "David is a true innovator with a dynamic personality. His vast experience as a live-events producer, coupled with Reggie's energy, creativity and talent as a filmmaker, is sure to make this year's Oscar telecast a memorable one."
"What a great and exciting honor! The quest is to honor the year in film, honor the art, and above all, make it fun," added Hill.
"I'm looking forward to working with the academy again," remarked Hudlin. "I love every kind of film and this year's awards will be a celebration of the total range of cinema."
The Academy Awards ceremony honors excellence in film. Neil Meron and Craig Zadan have produced the Oscars telecast for the past three years. The hosts during their tenure were Seth McFarlane, Ellen DeGeneres and Neil Patrick Harris.
No emcee has been announced yet for February's show.