The Academy Of Motion Pictures & Arts Sciences just made official what Deadline reported first: that Hollywood A-lister Brian Grazer will produce the 84th Academy Awards with TV veteran Don Mischer. And there’s more news on this fast-breaking story: As much as the Academy Of Motion Picture Arts & Sciences hoped that Eddie Murphy would reconsider his exit as host, insiders tell me that Imagine Entertainment co-founder Brian Grazer has moved on this afternoon. ”We are not going back to him. No way,” they say. Grazer, co-founder of Imagine Entertainment with Ron Howard, first told Hollywood around 1 PM that he committed to the gig. The Academy now owes Brian big-time for stepping into the breach left when Brett Ratner exited because of the scandal which the director created around himself. Immediately, Grazer began calling around town looking for an Oscar host and speed-dialed the top agencies checking availabilities for big talent. (See HAMMOND: Eddie’s Exit Throws Oscars Into Further Chaos; So Who Should Host Now?)

For Grazer to take on the Oscars demonstrates a dedication to the movie community that the Academy won’t soon forget. Grazer’s name frequently comes up for the Irving G Thalberg Memorial Award, the most coveted Oscar honor for anyone in Hollywood, and the producer almost received it for the 76th annual Oscars. So maybe sooner rather than later it should be Grazer’s turn for the Thalberg.

Beverly Hills, CA – Academy President Tom Sherak announced today that Academy Award®-winner Brian Grazer will join Don Mischer as a producer of the 84th Academy Awards. This will be the first time Grazer has produced the Oscar® telecast.

“Brian Grazer is a renowned filmmaker who over the past 25 years has produced a diverse and extraordinary body of work,” said Sherak. “He will certainly bring his tremendous talent, creativity and relationships to the Oscars®.”

“I am thrilled to welcome Brian Grazer as my partner and that we will be collaborating to produce an outstanding show,” echoed Mischer.

“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. “Don is a legend, and I am excited to work with him.”

“I too am delighted that Brian will join Don in producing the Academy Awards and I am looking forward to our producers delivering the movie event of the year,” commented Academy CEO Dawn Hudson.

Grazer has earned four Academy Award nominations. He won a Best Picture Oscar in 2001 for “A Beautiful Mind.” In 1984, Grazer was nominated in the writing category for “Splash,” and he received Best Picture nominations in 1995 and 2008 for “Apollo 13″ and “Frost/Nixon,” respectively. His other film credits include “Spies Like Us,” “Kindergarten Cop,” “The Nutty Professor,” “Liar Liar,” “8 Mile” and “Cinderella Man.” His current projects include the about to be released “J. Edgar” and the just released “Tower Heist.”

Academy Awards for outstanding film achievements of 2011 will be presented on Sunday, February 26, 2012, at the Kodak Theatre at Hollywood & Highland Center®, and televised live by the ABC Television Network. The Oscar® presentation also will be televised live in more than 200 countries worldwide.

Editor-in-Chief Nikki Finke - tip her here.