Oscars 2012: A First Look at the Red Carpet Fashion

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See who "The Artist's" Penelope Ann Miller, Gary Oldman and Kermit the Frog will be wearing on the red carpet during Sunday's Academy Awards.

It's Oscar day, the red carpet is getting warmed up, and Fash Track is going to let you in on some big secrets: We actually are privy to some early fashion credits. You heard it here first!

At the Independent Spirit Awards on Saturday afternoon, The Artist's Penelope Ann Miller told THR exclusively that she collaborated on her gown with Badgley Mischka. "They were so great to include me in the process," Miller tells us. "And yes, there are 1920s elements in the dress!"

The representatives at Paul Smith already released the fact that Sir Paul has designed Oscar nominee Gary Oldman's tuxedo. We're not surprised, as Sir Paul and the Tinker Tailor star collaborated on artwork related to the film  — posters and photography — and the Paul Smith store feted Oldman this week at its Melrose boutique.

And THR, in the scoop of the day, has learned that The Muppets star Kermit the Frog will be wearing none other than Brooks Brothers! Will it be green? We're not sure — the star will perform his Oscar-nominated musical number Sunday night with Bret McKenzie — but we're sure it will be animated!