Oscar icon, Billy Crystal is replacing Eddie Murphy as 2012 Academy Awards host.

Billy Crystal, 63, just announced via Twitter that he will be taking the helm at Oscar’s ceremony, just 24 hours after after Eddie Murphy dropped out of hosting duties.

“Am doing the Oscars so the young woman in the pharmacy will stop asking my name when I pick up my prescriptions,” Billy Crystal tweeted yesterday.

“Looking forward to the show.”

Academy of Motion Picture Arts and Sciences president Tom Sherak said in a statement:

“I’m thrilled to welcome Billy back to the Oscar stage.

“He’s a comic legend and Oscar icon, and it feels good to have him back where he belongs.”

Oscar icon, Billy Crystal is replacing Eddie Murphy as 2012 Academy Awards host

Billy Crystal last hosted the show back in 2004 and received a standing ovation after appearing for a brief segment in 2011 ceremony which was hosted by Anne Hathaway and James Franco.

The news comes after Brett Ratner, who was due to produce 2012 awards, withdrew as the show’s producer, after apologizing for a gay slur he used during a screening of his latest film.

Brett Ratner’s friend and Tower Heist star Eddie Murphy then resigned from his role of host.

They were set to work together on the February 26 TV broadcast of the Oscars after working together on the action movie.

Billy Crystal, 63, just announced via Twitter that he will be taking the helm at Oscar's ceremony, just 24 hours after after Eddie Murphy dropped out of hosting duties

Renowned film producer Brian Glazer has been drafted in as a replacement for Brett Ratner to produce the awards ceremony.

Of Billy Crystal’s return, Brian Grazer said yesterday: “Like so many others, I’ve been eager to see Billy host again. It’s very gratifying that he agreed to do it with Don and me at the helm.”

Tom Sherak, the president of the Academy of Motion Picture Arts and Sciences, had told TheWrap on Wednesday that he was leaving the choice of Oscar host down to the producer.

“You hire the producers, they figure out what they want the show to be. Then they pick who they want to be hosts,” he said.

Tom Sherak also hinted that he believed Billy Crystal was still in the running and is not too old to present the show.

“No. Bob Hope did the Oscars in his sixties,” Tom Sherak said.