James Franco on Oscars: 'I'm Going With the Flow'

Now that the Golden Globes have come and gone, it's time to talk Oscars.

The actor, among other things, James Franco will take the stage at the famous Kodak Theatre on Feb. 27 alongside Anne Hathaway to host the Academy Awards.

So what do the pair have in store for Hollywood's big night?

"There will be some singing and some dancing," Franco told PEOPLE. "We haven't started choreographing that yet or rehearsing that, but there will be some of that."

Though nothing has been set in stone, Franco, who will likely get a best actor nomination for his harrowing role in '127 Hours,' isn't worried.

"I'm just kind of going with the flow," he said, getting cues from a past Oscar host. "Billy Crystal said to wear tennis shoes, or something, but I don't think I'm going to follow that advice."

As for his co-host, Franco couldn't have nicer things to say, although he seems to be counting on her to make sure their hosting gig pulls in rave reviews.

"She is the youngest to ever host the Oscars so I guess that's special in itself. She's a great person -- great personality -- so I'm basically depending on her to pull it off," he said. "I don't think I could ask for a better co-host."

So sweet. The 83rd Academy Awards air Feb. 27 at 8PM EST on ABC.