Meet your hosts for Oscar 2011
Hathaway will be co-hosting the 83rd Academy Awards, according to the organisers.
As per producers Bruce Cohen and Don Mischer, the "fresh, exciting and multi-talented" pair "personify the next generation of Hollywood icons", reports the BBC.
Hathaway was nominated for an Oscar in 2008 for Rachel Getting Married, while Franco is best known for his Harry Osborn role in the Spider-Man films.
Steve Martin and Alec Baldwin co-hosted this year's awards in March.
Hathaway, whose films include Alice in Wonderland, Becoming Jane and The Devil Wears Prada, has appeared on four previous Oscar telecasts.
In 2009, the 28-year-old was memorably plucked from the audience by then host Hugh Jackman to perform a musical skit based on the film Frost/Nixon.
Franco, whose other films include Milk, Pineapple Express and Eat, Pray, Love, will be making his second appearance on an Oscar show.
The 32-year-old has been tipped for a best actor nomination next year for his role as a trapped rock climber in Danny Boyle''s new film 127 Hours.
The Academy Awards will be held on 27 February at the Kodak Theatre in Hollywood, Los Angeles.
Before that, Hathaway will co-host this year's Nobel peace prize concert in Norway on 11 December with actor Denzel Washington.
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