The Nutty Professor star is the top choice of Oscar producer Brett Ratner to host the 84th Academy Awards ceremony in 2012, Deadline Hollywood reports.
The 50-year-old actor - who was nominated for the Best Supporting Actor Oscar for his role in 2006′s Dreamgirls - is said to be "showing interest" in hosting the ceremony.
An insider said: "Nobody knows movies better or is a bigger cinephile than Eddie. Not Brett. Not even Quentin Tarantino. Eddie can quote scenes from every single movie word for word.
"He can bring all that experience to hosting. Plus he has Saturday Night Live experience before a live crowd. And worldwide the biggest crossover comedians are Will Smith and Eddie Murphy."
Ratner is directing Murphy in his new action comedy Tower Heist, co-starring Ben Stiller, which is out later this year.
But Deadline.com reports that several other big names have approached the other producer of next year's ceremony, Don Mischer, to express interest in hosting.
This year Anne Hathaway and James Franco co-hosted the Oscars with a show filled with sketches and musical numbers.