Credit: Jordan Strauss/Invision/AP

UPDATE: The Academy of Motion Picture Arts and Sciences made it official on Friday, announcing that Michael De Luca and Jennifer Todd will produce the 2017 Oscars ceremony.

“What a talented team,” Academy President Cheryl Boone Isaacs said in a statement. “Mike and Jennifer have a great working relationship and a tremendous love and respect of film, and will surely draw from their vast experience to create an exceptional and unforgettable event for movie fans everywhere.”

“We are deeply honored to produce the Academy Awards,” added De Luca and Todd. “We both revere the Oscars and grew up watching them each year with our families. We are so humbled and grateful to be a part of this incredible legacy, and look forward to creating an exciting show that celebrates movies and the power they have to connect us all.”

EARLIER: The Academy of Motion Picture Arts and Sciences may have found its producers for the upcoming Oscars. Michael De Luca and Jennifer Todd are in talks to oversee the 89th annual awards ceremony, a source tells EW.

With the show scheduled for Feb. 26, the clock is ticking for the academy to name its producers. Last year, by comparison, David Hill and Reginald Hudlin were announced as producers the first day of September, and Chris Rock was confirmed as host in late October.

De Luca and Todd have some award show experience, having served as co-chairs of the PGA Awards, and both are Hollywood veterans. De Luca’s producing credits include Captain Phillips, Moneyball, Fifty Shades of Grey, and its forthcoming sequel Fifty Shades Darker, while Todd’s include Jason Bourne, Memento, the Austin Powers movies, and the upcoming Live by Night.

Variety first reported the news.

With reporting by Nicole Sperling.