Not everything will fly with the Academy, however. Franco's performance of Cher's "You Haven't Seen the Last of Me," which failed to earn a nomination for "Burlesque," was scrubbed by producers.
Venting on Twitter, Franco wrote late Monday, "They pulled this from the Oscar show. Damn it." He included a link to a recording of him warbling the tune -- proving that there are actually some things James Franco does not do well.
"A little growly," he is heard acknowledging on tape.
Ultimately, Franco and Hathaway have much to lose and little to gain by hosting the Oscars, Galloway said.
"If the show fails, they're known forever as people who failed at the Oscars," Galloway said. "If they succeed it's a nice feather, but it's not going to further their stardom."
Regardless, Franco can add Oscar host to his list of accomplishments. Here, seven facts about Hollywood's much-ballyhooed Renaissance man:
He's a born "Freak." In 1999, Franco got his big break on the short-lived but critically acclaimed NBC series "Freaks and Geeks." The show was produced by another guy who'd become a major player in Hollywood: Judd Apatow.
He might be gay. Well, that was the tongue-in-cheek explanation he gave earlier this month when pressed about why he's played so many homosexual characters -- Allen Ginsberg in"Howl," activist Scott Smith in "Milk" and poet Hart Crane in the upcoming "The Broken Tower."
"There are lots of other reasons to be interested in gay characters than wanting myself to go out and have sex with guys," he told Entertainment Weekly. "And there are also lots of other aspects about these characters that I'm interested in, in addition to their sexuality. ... I mean, I've played a gay man who's living in the '60s and '70s, a gay man who we depicted in the '50s, and one being in the '20s. And those were all periods when to be gay, at least being gay in public, was much more difficult.
"Part of what I'm interested in is how these people who were living anti-normative lifestyles contended with opposition. Or, you know what, maybe I'm just gay."
He's a man of the world. Franco's mother, who's a poet, is a Jewish descendant of Russian immigrants. His father, the head of a nonprofit agency and a shipping company called Secure Box, has Portuguese and Swedish roots.
He's not afraid to make fun of himself. On NBC's "30 Rock" last year, Franco played himself with one key distinction: While his character had a fetish for Japanese body pillows, the actor prefers lovers of the flesh-and-blood kind (he's been dating the actress Ahna O'Reilly since 2006).
He collects degrees. Franco's academic passions run deep. He received a bachelor of arts from UCLA, where he studied English and creative writing, in 2008. After that, he moved to New York and enrolled in masters programs at both Columbia University (writing) and NYU (filmmaking). In addition, he started fiction writing classes at Brooklyn College and a poetry program at Warren Wilson College in North Carolina. He's not done yet: This fall, Franco began pursuing a doctorate in English at Yale University and dropped by the Rhode Island School of Design to study art.
He takes soaps seriously. In 2009, Franco took a turn on "General Hospital" playing a thinly veiled version of his real personality: A mysterious multimedia artist named "Franco." He wasn't trying to slum it, he wasn't in need of work, he didn't do it on a dare. In December of that year, Franco wrote a Wall Street Journal article about how he saw his "General Hospital" stint as performance art: "My hope was for people to ask themselves if soap operas are really that far from entertainment that is considered critically legitimate."