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Update: Steve Martin + Alec Baldwin Hosting The 82nd Academy Awards

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The Academy of Motion Picture Arts & Sciences’ producers Adam Shankman and Bill Mechanic were put in charge of a very important decision for the 82nd annual ceremony in 2010. Who should host?

UPDATE: After a few rejected offers, that decision was made tonight. Steve Martin and Alec Baldwin, upcoming co-stars in Nancy Meyers’ rom-com It’s Complicated, are on tap to host the show on March 7 at the Kodak Theatre, says The Los Angeles Times.

Nikki Finke of Deadline reported earlier today that Robert Downey, Jr. and Ben Stiller have declined the offer to host the upcoming Oscars as a comedy tag team. Specific reasons are unknown at this time. Downey, Jr., was nominated for Academy Award for his supporting performance in Tropic Thunder alongside Stiller.

The Golden Globes, ritually known as the runner-up to the big dance, recently chosen Ricky Gervais as its emcee. The versatile actor-writer-comedian was an excellent pick considering the show doesn’t usually have a host to guide the evening along.

TV Guide Magazine’s latest issue had a poll for who should host the Oscars. Seventy-three percent said Tom Hanks while 16 percent picked Neil Patrick Harris and 11 percent went with Hugh Jackman.

Jackman, last year’s host, peppered the telecast with Tony-esque histrionics even if it didn’t perfectly suit the tone of the evening. He said last week that he is not interested in having the job two years in a row.

Selecting the in-demand Neil Patrick Harris, who hosted the Emmy’s and the Tony’s this year, would likely be overkill, but we reported a tip that he may actually be the host. It looks like that is not the case.

Laughs – and consistent ones at that – are essential for a three-plus-hour award show. But class and poise are just as important. Therefore, the hiring of Baldwin and Martin (who has hosted twice before) should make for a great show.

Do you like the duo selected to host?

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