"Extra's" Jerry Penacoli met with Oscar producers Brian Grazer and Don Mischer, who shot down the rumor that Sacha Baron Cohen's alter ego based on his new film, "The Dictator," isn't welcomed at this year's festivities. Says Grazer, "We're thrilled to have him and he'll be on the red carpet dressed as The Dictator."

Grazer also revealed Eddie Murphy, who dropped out as the show's host, will not be making an appearance.

The Oscars will include an opening song-and-dance medley by host Billy Crystal. Then there's Jimmy Kimmel with his 7th after-Oscar special - with a giant surprise this year. Tinseltown revelers will celebrate at Elton John's supreme A-list guest party for 800 to benefit his AIDS Foundation (at $3,500 a ticket).

"Extra" spoke with Best Supporting Actress nominee Jessica Chastain at the Hollywood Reporter's Nominee Night, where she revealed who she will walk the red carpet with on Sunday evening. "I'm bringing my grandma to the Oscars."

Tune in live to the 84th Academy Awards, airing Sunday, Feb. 26 at 7PM/ET, 4 PM/PT on ABC.

Click here to see a complete list of nominees!

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