Martin has previously co-hosted the ceremony twice. He starred Off-Broadway in Waiting for Godot and is the author of such plays as Picasso at the Lapin Agile and The Underpants.
Baldwin has appeared on Broadway in A Streetcar Named Desire, Loot, and Twentieth Century. He received an Academy Award nomination for The Cooler and has won two Emmy Awards for his work on NBC's 30 Rock.
Martin and Baldwin co-star with Meryl Streep in the romantic comedy It's Complicated, which is scheduled to hit movie theaters next month.