teve Martin and Alec Baldwin are teaming up to host the 82nd Academy Awards next year

“I am happy to co-host the Oscars with my enemy Alec Baldwin,” Steve said in a statement.

“I don’t play the banjo but I’m thrilled to be hosting the Oscars – it’s the opportunity of a lifetime,” Alec added, referencing Steve, who does play the banjo and is currently touring with the bluegrass band Steep Canyon Rangers.

While Alec is an Oscar host first-timer and a former award nominee (for his supporting actor role in “The Cooler”), Steve previously hosted the 73rd and 75th Academy Awards.

Steve also presented at the 2009 ceremony with Tina Fey.

The two men have a friendly hosting rivalry with “Saturday Night Live.” Steve has hosted “SNL” 15 times, while Alec has hosted the sketch comedy just 14 times.

The 2010 Oscars will take place on March 7 at the Kodak Theater at Hollywood & Highland Center in Los Angeles.

Hugh Jackman hosted the 2009 ceremony.