The `127 Hours` actor - who is hosting the event on February 27 alongside `Love & Other Drugs` star Anne Hathaway - has confirmed he may do more than just present the awards and wants to entertain as well.
He said: "You got Anne Hathaway, who is the youngest host ever, that is new. There might be some singing, there might be some dancing."
The 32-year-old star is particularly busy at present with a number directing and acting jobs in the pipeline.
He told Hollyscoop: "I just did a movie, I just directed a film that I also acted in about the American poet Hart Crane, `The Broken Tower`, that is the next one. I guess the next two released will be `Your Highness` and `Caesar`."
James recently revealed he initially said no to hosting the Oscars because he was so surprised to be offered.
He said: "I was very, very surprised, and my initial reaction was `No.` Then I thought about it and I thought, `Well, why not? Because I`ll look bad?` Well, I don`t care.
"I`m happy to take the criticism. Even if it`s `The Worst Oscars Ever,` I don`t care. It`s one night of the year."