The Oscar-winning producer Brian Grazer has stepped in to host the 2012 Academy Awards following the departure of Brett Ratner and host Eddie Murphy in a damaging 24-hour period for the world's most famous film ceremony.

Grazer, who won a best film statue in 2002 as a producer of A Beautiful Mind, worked with both Ratner and Murphy on the film Tower Heist, and appears to have been recruited by the Academy of Motion Picture Arts and Sciences because of his working relationship with the latter. However, any hope that the wise-cracking comic might have been persuaded to stay on following Ratner's exit were dashed last night (Wednesday morning LA time) when Murphy issued his resignation statement. Grazer's first task will now be to secure the services of a new host, though there is no huge rush – Oscars MCs have, in the past, been announced as late as January for a ceremony that usually takes place in late February or early March.

"Brian Grazer is a renowned film-maker who over the past 25 years has produced a diverse and extraordinary body of work," Academy president Tom Sherak said. "He will certainly bring his tremendous talent, creativity and relationships to the Oscars."

"It's very gratifying to be part of a show that honours excellence in the medium to which I have devoted so much of my career," said Grazer, who will work with Oscars veteran Don Mischer. "Don is a legend, and I am excited to work with him."

In a statement, Murphy, who was recruited by Ratner following the pair's collaboration on Tower Heist, said: "I completely understand and support each party's decision with regard to a change of producers for this year's Academy Awards ceremony. I was truly looking forward to being a part of the show that our production team and writers were just starting to develop, but I'm sure that the new production team and host will do an equally great job."

So far, there is no clear frontrunner to replace Murphy as host, though an internet campaign hoping to see The Muppets take on the role has begun to gain traction on Facebook. The choice of Kermit, Miss Piggy et al would make a certain sense as Jim Henson's creations have a new film out – their first in 12 years – later this month.

Ratner, the director of Rush Hour and X-Men 3, resigned after he received widespread criticism for making a homophobic comment during a promotional interview for Tower Heist last week.

Asked about using rehearsals ahead of a film shoot, he replied "rehearsing is for fags". He subsequently apologised, but gay rights groups and some members of the academy took issue with his use of the word.

The 42-year-old film-maker also gave an interview on Monday on shock jock Howard Stern's radio show in which he spoke about sexual conquests, masturbation, oral sex, his genitalia, the erotic habits of Hollywood moguls and his supposed habit of sending potential partners to his doctor to be checked for sexually transmitted diseases before he sleeps with them.

In his resignation letter, Ratner said he had "gotten a well-deserved earful from many of the people I admire most in this industry expressing their outrage and disappointment over the hurtful and stupid things I said in a number of recent media appearances. To them, and to everyone I've hurt and offended, I'd like to apologise publicly and unreservedly.

"As difficult as the last few days have been for me, they cannot compare to the experience of any young man or woman who has been the target of offensive slurs or derogatory comments. And they pale in comparison to what any gay, lesbian or transgender individual must deal with as they confront the many inequalities that continue to plague our world."