Our favourite US chat show host will be taking on the Master of Ceremonies role for the 86th Academy Awards on Sunday 2nd March 2014 - her second go at compering the star-studded event.

She tweeted: "It's official: I'm hosting the #Oscars! I'd like to thank @TheAcademy, my wife Portia and, oh dear, there goes the orchestra."

She added: "I am so excited to be hosting the Oscars for the second time. You know what they say - the third time's the charm."

Academy president Cheryl Boone Isaacs said she agreed immediately that Ellen would be the ideal host for next year’s ceremony, adding: "We're looking forward to an entertaining, engaging and fun show."

Ellen last presented the awards in 2007 and attracted a vast television audience of 39.9 million.

Last year, host Seth McFarlane came under fire for his risqué performance, which included a tongue-in-cheek review of famous actresses’ boobs.

So what can we expect from Ellen as our host? Well, if her show is anything to go by{ =nofollow}, there'll be plenty of surprises for the audience, perhaps a few freebies thrown out and a whole lot of impressions.

Academy Awards producers Craig Zadan and Neil Meron said that "there are few stars today who have Ellen's gift for comedy, with her great warmth and humanity", which makes her the perfect presenter for the prestigious ceremony.