Joan Rivers says she’s become bored of talking about celebrities’ designer duds on the red carpet. But Regis Philbin, 76, is just preparing to reinhabit the you-look-fantastic red carpet roost he ruled back in the 1970s. It turns out the morning chat-show host has just been tapped to cover the textile beat during ABC’s Academy Awards preshow on February 24.

“Regis is the perfect guy to serve as host…He knows everyone and everyone loves Regis! I’m thrilled that he has greed to be the ringmaster for this year’s extravaganza,” said Dennis Doty, a producer of the Academy Awards. This means that Mr. Philbin will have free reign of the carpet for the entire half-hour preceding the show’s start-time. This means that American Idol’s Ryan Seacrest, who offers garment gab for E! on Oscar night, will have to stand back and observe as Mr. Philbin takes to the stars. This news comes just days after the cheery TV personality let a future scheduling agreement slip on Live with Regis and Kelly. Apparently, beginning in the fall of 2008, he will co-host the caffeine-fueled chat-fest only three days a week.