Have no fear, Academy members!
The 84th Academy Awards will go on ... with Brian Grazer producing!
The Academy announced Grazer as the show's new producer Wednesday afternoon -- following the resignation of it's previous producer, Brett Ratner.
Rather decided to quit the show on Tuesday after coming under massive fire for using a homophobic slur during a promotion for his new movie, "Tower Heist."
After Ratner quit -- Eddie Murphy followed suit and bowed out as the host of the award show.
So far ... no word on who the new Oscar host will be, now that Grazer is behind the wheel.