"... I’m hearing from solid Motion Picture Academy sources that Oprah Winfrey is topping the list of candidates to host the 84th Oscars next February. If the widely seen gig is accompanied by a behind-the-scenes special and a post-Oscars show airing only on the Oprah Winfrey Network, it would give the struggling cable channel some added exposure. But I’m hearing that is a very separate potential deal. After all, ABC continues to have exclusive rights to Oscar broadcasts — and likely would not be happy about giving up rights to backstage access, etc. However, given Winfrey’s longtime relationship with ABC — anything is possible. The main thing: Academy honchos firmly believe Winfrey could greatly expand the show’s audience. They also believe the best time to hatch this plan is this first year following the end of the 25-year run of “Oprah” — while that show’s huge audience of viewers still miss their daily “fix” the TV icon gave them for the past quarter-century... "
From the Chicago Sun-Times, posted on their website late last night.
Of course, I'd suggest treating this as a rumor until official.