The Shrek star, who was first reported to be in talks for the role at the weekend, has officially agreed to headline the awards ceremony.
Oscars telecast producers Brett Ratner and Don Mischer presented Murphy as their pick to the Academy Of Motion Picture Arts & Sciences today.
"I am enormously honoured to join the great list of past Academy Award hosts from Hope and Carson to Crystal, Martin and Goldberg, among others," said 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 recognise the great film contributions and collaborations from the past year."
Ratner added: "Eddie is a comedic genius, one of the greatest and most influential live performers ever. I know he will bring excitement, spontaneity and tremendous heart."
Mischer agreed: "Eddie is a truly ground-breaking performer, whose amazingly diverse array of roles has won him a devoted audience of all ages. His quick wit and charisma will serve him very well as Oscar host."
Murphy has previously worked with Ratner on the comedy Tower Heist, which is due in cinemas in the US and the UK on November 4.
James Franco and Anne Hathaway hosted the 83rd Academy Awards last year.
The 84th Academy Awards take place on Sunday, February 26, 2012, at the Kodak Theatre in Hollywood, California.
> Eddie Murphy - is he the right choice to host the Oscars?
Watch Eddie Murphy in the trailer for Tower Heist below: