As the clock ticks ever closer to the 78th Annual Academy Awards on March 5, the Academy of Motion Picture Arts and Sciences has finally found a host in Jon Stewart.

Sources confirmed Stewart's selection, which was reported Wednesday evening by the Los Angeles Times' Oscar watch site, theenvelope.latimes.com. An Academy spokesman declined comment.

The assignment would represent the first Oscar-hosting spot for Stewart, who headlines Comedy Central's "The Daily Show." Stewart does have black-tie experience, though, having hosted the Grammy Awards in 2001 and 2002.

Oscarcast producer Gil Cates' choice of a host had become the subject of mounting suspense in Hollywood. Chris Rock, last year's host, was not asked to reprise the role. Reportedly, Billy Crystal, who has hosted eight times, turned down the honor. Speculation also had centered on such other previous hosts as Whoopi Goldberg and Steve Martin.