It’s official: Eddie Murphy will host the 84th Academy Awards on Feb. 26, 2012. On Tuesday, the 50-year-old funnyman issued a statement expressing his excitement about taking the tough hosting gig of Hollywood’s night of nights.

“I am enormously honoured to join the great list of past Academy Award hosts from [Bob] Hope to [Johnny] Carson too [Billy] Crystal, [Steve] Martin and [Whoopi] Goldberg, among others,” he said. “I’m looking forward to working with [Oscars telecast producers] Brett [Ratner] and Don [Mischer] on creating a show that is enjoyable for both the fans at home and for the audience at the Kodak Theatre as we all come together to celebrate and recognize the great film contributions and collaborations from the past year.”

The gig should be a huge boost to Murphy’s career, which has flatlined with a series of movie flops aside from his Shrek films and 2007 Academy Award-nominated turn in Dreamgirls. With two new films out around Oscar time, Tower Heist and A Thousand Words, the famously controversial stand-up comedian is looking at a career renaissance.

Ratner gave Eddie the ultimate praise with the Oscars announcement.

“Eddie is a comedic genius, one of the greatest and most influential live performers ever,” the Rush Hour and Tower Heist lensman said. “With his love of movies, history of crafting unforgettable characters and his iconic performances — especially on stage — I know he will bring excitement, spontaneity and tremendous heart to the show Don and I want to produce in February.”

How does a single mom with romantic ties to an NFL legend like Michael Strahan blow through $15 million? We’re not sure, but you may want to ask Nicole Mitchell-Murphy. Even after a divorce and five children, the former Mrs. Eddie Murphy still has a body for modeling. Of course, her head for business could use a refresher course.

As you may recall, back in 2007, we spilled the tea on the scoop that Nicole had lost a substantial amount of the $15 million one-time payout she received when she divorced screen star Eddie in 2006 to bad investments. Well, it now appears what little Nicole had left has disappeared in a cloud of smoke. Between the Internal Revenue Service, legal Fees and Bank fees, Murphy owes millions, The National Enquirer spills on the pages of its Jan. 3 issue.

At last count, Nicole owed $600,000 to a Los Angeles legal firm and another $60,000 in unpaid wage to a local landscaping business. She’s even $5 million in the hole on the mortgage on her sprawling California estate. And in a final blow to Nicole’s cashflow, according to the tab, the 42-year-old stunner — the mother of five of Eddie’s seven children — has been slapped with five IRS tax liens, totaling $846,630. The tax debts have forced Nicole to sell her opulent Beverly Hills mansion and begin the hunt for a more modest dwelling for her family.

“Nicole made some bad investments with the fortune she got from Eddie, and now she’s in serious financial straits,” a well-placed insider divulged. “Nicole is overwhelmed by the mountain of debt she has piled up…She is hoping to get on her feet again soon…She is determined to dig her way out.”

For now, friends say, Nicole can depend on the generosity of her famous ex. Eddie’s upped his monthly child support payments in a bid to help, pals report. She’s also cut back on the Hollywood lifestyle she first grew accustomed to during her 13-year marriage to the Shrek star.

“Eddie makes child support payments, which he has upped, knowing the hard time that Nicole is going through,” says a family friend. “He also lavishes the kids with gifts and gives them anything they want or need.”

Precious star Gabourey Sidibe has landed a new job in a comedy starring Eddie Murphy and Ben Stiller.

The Universal Pictures production, which also stars Alan Alda and Michael Pena, follows employees at a luxurious Big Apple apartment building who are scammed out of their pensions by a crooked resident, Deadline.com reported Friday. The employees –- led by a building manager (played by Stiller) -– will team up in an attempt to outsmart the crook and get their money back.

Production is expected to begin in New York City next month.

Sidibe, 25, has been enjoying a recurring role on Showtime’s The Big C since rising to fame with her Oscar-nominated title role in Precious: Based on the Novel Push by Sapphire. The actress will also appear in the feature film Yelling to the Sky, opening next year.

Eddie Murphy is burying the hatchet and making efforts to get to know his daughter with ex-flame Melanie Brown.

Murphy and Brown have feuded quite publicly since her pregnancy was revealed in 2006, with Murphy initially denying he was the dad.

Last year, Mel told Britain’s Hello! Magazine: I have full custody of Angel and that’s about it. He (Eddie) doesn’t see her, doesn’t want to see her. That’s just the way it is. She’s very content. She doesn’t know any different.”

Even though the actor — a father of seven — has been vocal about wanting nothing to do with his child by the former Spice Girl, but it seems he has had a change of heart as of late.

A source to The New York Daily News Tuesday: “While promoting Shrek Forever After, Eddie talked a lot about his kids. Ever since, he’s been making efforts with Mel to get to know their daughter….”

Eddie’s ex, Nicole Mitchell, has reportedly been instrumental in the family reunion of sorts.

“Eddie’s ex-wife Nicole helped them reconcile their issues, too. Angel is Eddie’s youngest child, and Nicole wanted her children to know her. That helped Eddie to come around and get past all the animosity he had toward Mel. All of the children were there for the party, and it appeared that they’re one big happy, blended family.”

The comedian reported invited Mel, Angel, and Mel’s husband Stephen Belafonte to a party at his Los Angeles compound last week.

Why? According to E!’s Kristin Dos Santos, Eddie will be in the house to cheer on his daughter, Bria Murphy, who will appear with the Top Model finalists in the show. Bria can also been seen in rapper Gucci Mane’s new video for “Spotlight,” featuring Usher. Here’s a picture of the leggy 19-year-old at a recent event in Los Angeles with her mom Nicole.

Eddie Murphy will reportedly play legendary comedian Richard Pryor in an upcoming biopic called Richard Pryor: Is It Something I Said?

Eddie Murphy has been forced to fork over $51,000 a month in child support to his former Spice Girl Melanie Brown for their daughter Angel Iris, 1.

Eddie Murphy discussed his plans to retire from films on The Today Show Tuesday.

“I am planning to make movies until I am 50,” the forty-seven year-old star told TODAY’s Al Roker. “That’s two years and eight months. Then I am going back to the stage.”

A fifteen-foot replica of Eddie Murphy’s head in the new movie Meet Dave on display of New York City’s Times Square.

Former Spice Girl Melanie Brown is working on a diss track dedicated to worthless “baby daddy” Eddie Murphy for her upcoming new album.

“The working title on my new song is ‘Beverly Hills Cock’ because that is what he is,” the Spice Girl slammed. “He never bothers with his daughter. I mean, what kind of man is that?”