Since Eddie Murphy dropped out of the Academy Awards hosting gig, speculations on who will replace the comedian are starting to rise out of websites everywhere.

Here at IBTimes AU edition, we choose five of the most "probable" replacements for Murphy's deserted spot.

1. Conan O'Brien

The late night comedy talk show host is not just smart and funny, but full of brazenness and entertainment-punned jokes as well. His tall, skinny, and red-headed appearance will also strike out against the usual gold and black theme of the Academy Awards. O'Brien has proven throughout the years that he is an efficient and quick-witted host, knowing more entertainment tidbits than any other "possible replacements."

2. Alec Baldwin

The "30 Rock" star has gained a reputation as a comedian because of his role as NBC executive, Jack Donaghy, and has won numerous Emmy awards for his performance. Baldwin is a fitting choice if the Academy wants to keep its host classy and tasteful, while not leaving a touch of humor in each spiel.

3. Tina Fey

A comedienne host for the Oscars isn't too impossible to imagine. With "Glee" star Jane Lynch taking over the Emmy's just months ago, funny females can prove they can do the job as good as male hosts can. Fey is also famous for her role in "30" rock, and her countless skits for the comedy show Saturday Night Live.

4. Hugh Jackman

The Australian actor has a lot to offer when it comes to hosting award shows such as the Oscars. Not only can the "X-Men" star sing, but he can knows how to dance like a pro. Jackman is the right choice if the Academy chooses to go all out on musical numbers and presentations.

5. Zach Galifianakis

Although only seen in his stand up shows, and Funny or Die webisodes "In Between Two Ferns," the comedian has gained much recognition with his work for the Hangover movies. Known to have a natural flair of delivering witty remarks, Galifianakis will surely be no stranger to making the 2012 Oscars a fun-filled event.