And it looks like fans of the comedian are getting their wish.
"Am doing the Oscars so the young woman in the pharmacy will stop asking my name when I pick up my prescriptions. Looking forward to the show," Crystal tweeted.
UPDATE: Brian Grazer has accepted the job as Oscar producer, replacing Ratner, which the Academy of Motion Picture Arts and Sciences confirms. "It's very gratifying to be part of a show that honors excellence in the medium to which I have devoted so much of my career, said Grazer.
There's no word on who will replace Murphy yet ... but that's where you come in.
AOL TV fans on Twitter, Facebook and Tumblr have come alive with suggestions, including popular choices like The Muppets and Tina Fey.
Check out some of our favorite suggestions here!
UPDATE: Brian Grazer has accepted the job as Oscar producer, replacing Ratner, which the Academy of Motion Picture Arts and Sciences confirms. "It's very gratifying to be part of a show that honors excellence in the medium to which I have devoted so much of my career," said Grazer.
"First and foremost I want to say that I completely understand and support each party's decision with regard to a change of producers for this year's Academy Awards ceremony," Murphy said in a statement. "I was truly looking forward to being a part of the show that our production team and writers were just starting to develop, but I'm sure that the new production team and host will do an equally great job."
Ratner stepped down after a series of gaffes and blunders. First, 'Tower Heist,' his flick starring Murphy, bombed at the box office over the weekend. Then, while promoting the flick, Ratner used a gay slur, saying "rehearsals are for fags."
It was when Brown matter-of-factly explained that he'd lost some of his teeth by saying, "I walked into a chainsaw."
"They're kind of loud," Murphy said. "How do you walk into it?"
Roker also asked Murphy about a possible return to 'Saturday Night Live.' Murphy hasn't been on in 25 years, but said he's open to going back. When Al asked him about the old costumes, assuming that he still had them, Murphy joked said, "I didn't take those costumes with me. 'I'm leaving the show and I want the Buckwheat suit ... And Gumby too!"
But the leather suit comment prompted a question of if he still had the one from 'Delirious' or not. It turns out he did, but it got totally destroyed in a prank one night. According to Murphy, Keenen Ivory Wayans put on the suit one night, which looked hilarious because Wayans is much taller than Murphy.
"The first thing that came out of my mouth was, 'I'm not doing one of those crazy dance numbers,'" Murphy said.
"That's exactly what you're gonna be doing," Letterman responded, so we'll see who turns out to be right. Will Murphy stand his ground, or be pressured into giving a musical performance. We'll all find out February 26, 2012 when 'The 84th Academy Awards' hits the airwaves.
'SNL' Scorecard: With Ben Stiller's Show Being This Bad, It's No Wonder Why Eddie Murphy Didn't Show Up
'Saturday Night Live' did itself such a disservice by not immediately squashing the rumors of an Eddie Murphy appearance on last night's show. As we pointed out on Wednesday: this was most likely never, ever going to happen. But it would have been really fantastic if it had – and that's the problem: Anything less than an Eddie Murphy cameo is going to be a letdown. (And it doesn't help when the show is as lackluster as last night's Ben Stiller hosted effort.) I mean, Hugh Jackman showed up. From all accounts, people like Hugh Jackman. He's one of the biggest movie stars in the world. Do you know who Hugh Jackman isn't? Hugh Jackman isn't Eddie Murphy. Hugh Jackman isn't a guy who has openly despised the show that made him famous and then gave the world a glimmer of hope this week that this feud may be coming to an end. A world where 'SNL' and Eddie Murphy are on good terms is a world that I want to live in. Unfortunately, we don't live in that world. We live in a world that teases us with the hope of that world – and, sadly, that's a kinda dickish world to live in. On to the scorecard...
They covered his work on 'Saturday Night Live,' where he played everyone from Stevie Wonder to Buckwheat, his hit stand-up specials like 'Delirious,' and blockbuster films like 'Beverly Hills Cop.'
The piece also showed an interview clip from shortly after Murphy's Golden Globe win for 'Dreamgirls' in which he indicated he wanted to try some new things. "I've been in the movie business for a while but still a relatively young man," he said, "so I want to get to try and do some different stuff. So when I look back on, when I'm really old I can look back and be like, wow, I did everything."
I keep expecting this whole 'Eddie Murphy hosts the Oscars' thing to be a faulty meme, but now that the news is confirmed, I guess I'll have to come to grips with it. Okay -- done. After all, Murphy is one of the highest-grossing movie stars of all time, can be very very funny, and has proven he can still be funny without using swears ('Shrek'). He has been nominated for "The Statue." (And who can hold it against him if he left the theater shortly after he lost it to Alan Arkin?)
Truth is, the most shocking thing about this whole whirlwind of a story is that Brett Ratner is co-producing the Oscars. Has the Academy looked at his resume lately? What am I saying? These are the same people who thought James Franco and Anne Hathaway were the answer to their problems.
It will be Murphy's first time hosting the awards ceremony. The 'Shrek' star, who was nominated for an Oscar in 2006 for 'Dreamgirls,' said of his selection, "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."
'Rush Hour' director Ratner said that "Eddie is a comedic genius, one of the greatest and most influential live performers ever. 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 and I want to produce in February."
According to Deadline, producer Brett Ratner has just one name on his wish list this year -- Murphy's -- and is expected to present his top host choices to the Academy of Motion Picture Arts & Sciences in a meeting on Tuesday.
Hathaway and Franco were universally panned for their performances as Oscar co-hosts last year -- her for being too peppy, him for being too blase -- so choosing a well-known, experienced comedian for the job could please the critics.
But he was honored to be presenting the first Comedy Icon Award to the comedian who inspired him to begin his own career in that field: Eddie Murphy.
"I love this man, and I recently found out he's my biological father," Morgan said in introducing Murphy.
Murphy was clearly moved by the award, accepting it despite dubbing it "an old man award." After 35 years in comedy, Murphy may be ready to accept himself as an old man, but we're not so sure. He looks the same as he did when we first met him on 'Saturday Night Live' in 1980.
People in the entertainment industry love to give each other awards... except for the folks in the world of comedy.
There could be a couple of reasons for it: Most comedians would rather make fun of awards shows than be a part of one. And with comedians being a generally self-deprecating group, self-back-patting has never been in their DNA. It's probably why there hasn't been any major comedy awards show since 2001, when the American Comedy Awards went kaput after 14 years.
But Comedy Central knows comedy should be rewarded, which is why it's giving out the first annual Comedy Awards tonight at 9PM ET (it airs on Comedy Central, Spike TV, CMT, Logo, TV Land, VH1 and Nick at Nite). Because the ceremony was taped on March 26, there are plenty of live blogs out there to tell you what to expect. Some highlights, and preview clips, after the jump.
1980 was a volatile time for 'SNL.' Lorne Michaels had left and new producer Jean Doumanian hired a completely new staff. She passed up Jim Carrey, John Goodman and Dom Irrera for actors who went on to do nothing. She almost hired another no-name over Murphy, but the staff persisted and convinced her to add him by the fourth show, which aired Nov. 22, 1980.
TV Squad Hot Topics
Most Popular Articles
From Our Partners
- Mindy Project: Dr. Lahiri Defies Gravity, Gets Cheeky in Season 4 Posters
- Empire-Fueled Fox, ABC Family Top GLAAD's Annual LGBT Inclusion Study
- Mr. Robot Creator Says Finale's Big Reveal 'Is the Heart of Future Seasons,' Names the Scenes That Wowed Him
- Paula Deen? Kim Zolciak? A 'Vine Star'?! Does DWTS Need a Time-Out?
- Vampire Diaries' Candice King Teases 'Badass' Caroline in Season 7, Talks 'Funny' Steroline Baby Theories
- More From TVLine
- Watch Caitlyn Jenner and Kris Jenner Meet Face-to-Face for the First Time
- Kim Kardashian Celebrates 45 Million Instagram Followers With Sexy Cleavage Shots
- Kate Hudson and Jennifer Aniston's Selfie Inspires New Squad Goals!
- Scruffy Robert Pattinson Crashes a Wedding in Ireland -- See the Pics!
- Ariana and Frankie Grande Binge Watch 'America's Next Top Model' Together!
- More From ET