This will be the duo's first involvement with the Oscars ceremony, which will air live on February 24, 2013, Academy president Hawk Koch announced today.
"Craig and Neil are forward thinkers who bring a unique perspective to the Oscar show. Their enormous collective talent, coupled with their love of film, serves our show perfectly," Koch said.
Zedan and Meron, who have shared producing credits on films like "Hairspray", "The Bucket List" and "Chicago", said they would try to bring something fresh to the ceremony.
"We are very excited to collaborate with Hawk and everyone at the Academy to produce this year's Oscars," said Zadan and Meron.
"We hope to utilize our experience in producing features, TV and theater to bring something fresh and special to this incredible awards show.
When we filmed 'The Bucket List' we made our own personal bucket list, and producing the Oscars was number 1. It's truly a great honor."
"Craig and Neil have great talent relationships and bring an infectious energy to the production. They are creative producers in the best sense of the word," said Academy CEO Dawn Hudson.
Zadan and Meron's work in television includes the series "SMASH" and such movies as "A Raisin in the Sun" and the upcoming "Steel Magnolias."
For Broadway, they recently produced the Tony Award winning revivals of "How to Succeed in Business Without Really Trying" and "Promises, Promises."
Their work has amassed 73 Emmy nominations; 12 Tony nominations; and seven Grammy nominations.
The 85th Academy Awards will be held at the Dolby Theatre at Hollywood & Highland Center in Hollywood, and will be televised live by the ABC Television Network.
The Oscar presentation also will be televised live in more than 225 countries and territories worldwide.