The Hollywood filmmaker - who won a Best Picture Academy Award in 2002 for 'A Beautiful Mind' - has been drafted in to oversee the prestigious event after original producer Brett Ratner quit following his use of a gay slur at a screening his new movie.
The Academy Awards president Tom Sherak said: "Brian Grazer is a renowned filmmaker who over the past 25 years has produced a diverse and extraordinary body of work. He will certainly bring his tremendous talent, creativity and relationships to the Oscars."
Don Mischer - who will work with Grazer on the show - added: "I am thrilled to welcome Brian Grazer as my partner and that we will be collaborating to produce an outstanding show. It's very gratifying to be part of a show that honours excellence in the medium to which I have devoted so much of my career."
Grazer added: "Don is a legend, and I am excited to work with him."
Following the resignation of Brett, his friend and creative partner Eddie Murphy quit as the host of the Oscars, saying he could do it without Ratner.
The 'Beverly Hills Cop' star said: "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.
"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."
A new presenter is yet to be named although there is an internet campaign to get The Muppets to take on the duties.