Hart announced his selection in an Instagram statement and the Academy of Motion Picture Arts and Sciences followed up with a tweet that welcomed him "to the family."
The announcement came hours after trade publication The Hollywood Reporter posted a story calling the Oscars host position "the least wanted job in Hollywood."
Hart clearly doesn't feel that way, writing on Instagram that it has been on his list of dreams jobs for years.
The 39-year-old has become a bankable star with films such as "Ride Along," ''Jumanji: Welcome to the Jungle" and "Night School."
The Oscars experienced an all-time ratings low last year and has announced numerous changes.
The ceremony will air Feb. 24 on Channel 2.
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