As you may know, the Academy Awards (aka the Oscars) are exclusively owned by ABC. This in mind, it's no wonder there's rumors Selena Gomez might be hosting the coveted award show! The president of the broadcast company said so himself, when referring to the "Lose You To Love Me" singer and actors Steve Martin and Martin Short:
“I mean, they are an iconic trio,” Hulu Originals and ABC Entertainment president Craig Erwich toldVariety this week of Gomez, Martin and Short, touting the Hulu comedy. “They have mass appeal. Everybody loves them. They’d be a dream. That said, there’s a lot of incredible talent we’re considering. We’re having ongoing conversations with Will and the Academy about it.”
He's referring to Will Packer, the Oscars Producer.
Assuming they're sticking to ABC-adjacent talent, looks like NBC-affiliated Pete Davidson would be a no-go then. Some sources confirm that.