Brett Ratner moves fast.

Just a day after reports that the "Rush Hour" director and 2012 Academy Awards producer was eying Eddie Murphy as the host, the 50-year-old comedian has officially been named as emcee.

Oscar network ABC confirmed the news Tuesday (Sept. 6) afternoon.

"Eddie is a comedic genius, one of the greatest and most influential live performers ever," Ratner says in a release from the network. "With his love of movies, history of crafting unforgettable characters and his iconic performances -- especially on stage -- I know he will bring excitement, spontaneity and tremendous heart to the show Don [Mischer] and I want to produce in February."

Murphy, an Oscar nominee himself for supporting role in "Dreamgirls," also sounds off on the decision. "I am enormously honored to join the great list of past Academy Award hosts, from Hope and Carson to Crystal, Martin and Goldberg, among others," says Murphy. "I'm looking forward to working with Brett and Don on creating a show that is enjoyable for both the fans at home and for the audience at the Kodak Theatre, as we all come together to celebrate and recognize the great film contributions and collaborations from the past year."

The 84th annual Academy Awards will air Sunday, Feb. 26, 2012 -- where the Academy might see our first ever monologue delivered in a fat suit.