According to Variety, the trio are currently finalising a deal to become emcees for Hollywood's big night.

Apparently, the three actors are the only candidates in the mix at the moment. It will be the first time the event reverts to the emcee format since 2018.

Producer Will Packer did have meetings throughout the week with other candidates, including actor Jon Hamm. However, the 'Mad Men' star exited talks shortly after. Dwayne Johnson apparently also turned down the position. There was talks of Pete Davidson and John Mulaney or Steve Martin and Martin Short, but neither duos worked out.

The hosts will be formally announced on 'Good Morning America' on Tuesday. Over the weekend, Schumer posted an Instagram slideshow with some of her biggest career highlights, with the caption "Big fun news comin."

Schumer has received 12 Primetime Emmy Award nominations, winning in 2015 for outstanding variety sketch series for her hit Comedy Central show 'Inside Amy Schumer'. This past year, Schumer had a role in A24's 'The Humans'. Schumer will also star in the 10 episode Hulu series 'Life & Beth.'

Hall has appeared in the 'Scary Movie' film series and and 'The Hate U Give'. She’s received critical acclaim over the past few years for films such as the indie 'Support the Girls' that won her the New York Film Critics Award for best actress. She also bookended the Sundance Film Festival this year with performances in 'Master' and 'Honk for Jesus, Save Your Soul.'

Sykes is the star, creator and writer of Netflix's 'The Upshaws' and has starred on TV in 'The New Adventures of Old Christine,' 'Curb Your Enthusiasm' and 'Black-ish'. She has 14 Emmy nominations and one win.

In terms of nominations, 'The Power of the Dog' and 'Dune' lead the pack with 12 and 10 nominations respectively. Irish actors Jessie Buckley and Ciarán Hinds were both nominated in the Best Supporting categories.

The 94th Academy Awards will take place on March 27 in the Dolby Theatre in Hollywood, California.