The 'Tower Heist' star will be presenting the prestigious movie event in February 2012, and despite executives behind the ceremony being keen to have him, he does not have so much confidence in himself and is concerned he may wet himself on stage.
He said: "I think it's so funny that people think I'm the perfect guy for this. I'm going to be horrendous. I'm going to be the worst host ever.
"I'm going to be introducing people and looking straight at the camera. And I'm going to wear a powdered sky-blue tuxedo and at the end of the evening, I'm going to urinate on myself in front of a billion people. Just letting you know - the worst host ever."
The comedy star also joked he only agreed to host the show because Brett Ratner - who directed him in 'Tower Heist' and is producing the Oscars - and him joked it would be good promotion for the film.
He told 'Entertainment Tonight': "I was like, 'You know, if I hosted that show, it would probably get nice little chatter for our movie before the movie came out.' And that's kind of how it happened."