Steve Martin and Alec Baldwin are teaming up to host the 82nd Academy Awards, Newsday has learned.

The duo will follow 2009 host Hugh Jackman, who announced last week that he would not return to helm next year’s ceremony. While Academy Award-nominated actor Alec is a first-time Oscar host, Steve hosted the 73rd and 75th Academy Awards.

The two men have a friendly hosting rivalry on the sketch comedy hit Saturday Night Live. Steve has hosted SNL 15 times, while Alec has hosted the sketch comedy just 14 times.

“I am happy to co-host the Oscars with my enemy Alec Baldwin,” Steve said in a statement Tuesday. “I don’t play the banjo but I’m thrilled to be hosting the Oscars – it’s the opportunity of a lifetime,” Alec added, referencing the comedian legend, who does play the banjo and is currently touring with the bluegrass band Steep Canyon Rangers.

The 2010 Academy Awards will air live from Kodak Theater at Hollywood & Highland Center in Los Angeles on March 7.