MacFarlane said his favorite Oscar hosts are the classics of yesteryear: Johnny Carson and Bob Hope.
"There's a lot of questions about edging-up the show, but I am a big fan of the kind of old-fashioned showmanship that those hosts embodied," he said. "I think that's really, in a perfect world, the balance that should be struck: Something that's fun and relevant and genuinely funny, but at the same time has a spine of good, old-fashioned showmanship, which is what the Oscars deserves."
He acknowledges it's a challenging task.
"This is something very different than what I've done in the past, so the trick is going to be to stay honest to what it is that I do but also adapt to this particular show, because this is obviously a very special show with very specific requirements," he said. "We want to find a nice balance."
It's too soon to say if any writers or animated characters from MacFarlane's other shows will be involved with the Oscar telecast, but music will definitely play a part.
"It would be criminal to have an Oscars without music," MacFarlane said.
Producers said they'll present their ideas to their new host in the coming weeks and the team is "full speed ahead to create a show."
The 85th annual Academy Awards will be presented Feb. 24 at the Dolby Theatre at Hollywood & Highland Center in Los Angeles. Nominations will be announced Jan. 10 — nearly a week earlier than typically revealed and coming ahead of the Golden Globe Awards.
MacFarlane said being invited to host the Oscar show "was just an absolute thrill and I'm very much looking forward to it." He even posted a video on YouTube Monday of him sharing the big news with his dad.