With Eddie Murphy out as host of the 2012 Oscars, industry folks in Hollywood and beyond have been dropping names, acts and past hosts as possible candidates.

On Wednesday, Murphy, 50, resigned from his hosting duties less than one day after producer Brett Ratner dropped out.

I was truly looking forward to being a part of the show that our own production team and writers were just starting to develop, but I'm sure that the new production team and host will do an equally great job, Murphy said in a statement.

The day before, Ratner, 42, officially left his producer role after being criticized for an anti-gay slur comment he made during a recent Q&A session for a film. He then followed with an appearance on The Howard Stern Show, where he discussed his sex life in great detail.

The Academy of Motion Picture Arts and Sciences was quick to replace Ratner's post, announcing Brian Grazer as the new producer.

It's very gratifying to be part of a show that honors excellence in the medium to which I have devoted so much of my career, Grazer said in a statement on Wednesday.

With the 84th Academy Awards some four months away, the Academy and Grazer are scrambling last minute for a host, allowing enough time for joke writing and to come up with ways to boost up the show's ratings.

The 2011 Academy Awards, hosted by James Franco and Anne Hathaway, decreased in viewers by 12 percent, with only 37.6 million tuning in. The year before, more than 41 million viewers watched The Hurt Locker take home Best Picture.

Click through for 5 possible candidates to host the 2012 Oscars. And share your own suggestions below.

The Muppets
Kermit the Frog is a frontrunner as master of ceremonies for the 2012 Oscars, thanks to Twitter and Facebook groups like "The Muppets Should Host the 2012 Oscars." Disney
Hugh Jackman
The man can sing, dance, act and host. In 2009, the 43-year-old Aussie hosted the 81st Academy Awards and charmed everyone in the crowd and at home. The timing would be perfect for Jackman, who wraps up his Broadway run on Jan. 1, 2012 (he is currently appearing in a 10-week engagement of “Back on Broadway”). REUTERS
Tina Fey
While scheduling may be a problem (“30 Rock” is set to air again in the New Year), Fey would be a smart choice for producer Brian Grazer. The 41-year-old is no stranger to award shows – she has seven Emmys, three Golden Globes, four Screen Actors Guilds and four Writers Guilds to her name. And let’s not forget, she can do a spot-on Sarah Palin impersonation. REUTERS
Steve Martin and Alec Baldwin
If Brian Grazer and company want to keep things safe, Steve Martin would be their best choice for the 2012 Oscars. Martin, 66, hosted the show back in 2001, 2003 and again in 2010. His 2010 hosting gig was shared with Alec Baldwin and the two were an instant hit. In September, Martin joined Baldwin during his opening monologue on SNL, when the latter broke the record for most SNL appearances (16 versus 15). Maybe it wouldn’t be a bad idea to bring back Baldwin too? REUTERS
George Clooney
George Clooney REUTERS
Academy of motion picture arts and sciences Hollywood Hollywood