The iconic acting stars are being given a 'second chance' at reading out the top prize of the evening, after being spotted rehearsing at the Dolby Theatre in Hollywood this week.
According to TMZ, Dunaway told them: “Presenting is better the second time around.”
Viewers were left in shock during last year's ceremony as La La Land was announced as Best Picture instead of Moonlight, in one of the biggest blunders in Oscars history.
In an unprecedented error, La La Land was named Best Picture after the Best Actress envelope was mistakenly handed to presenter Warren Beatty.
The Hollywood stalwart looked slightly confused as he opened the envelope, handing it to Dunaway to read out.
The film’s cast and crew rushed up onto the stage, only to be told that Moonlight was the actual winner.
Halfway through his speech, La La Land producer Jordan Horowitz opened the actual envelope to discover that the wrong name had been called.
“This is not a joke, Moonlight has won Best Picture,” he said, as director Barry Jenkins got up from his seat.
Jenkins has since said that he has had "no explanation" as to why the presenters were given the wrong envelope.
“No explanation. Things just happen,” he said in the press room after the ceremony.
“I will say, I saw two cards, and so things just happen. I wanted to see the card, to see the card, and Warren refused to show the card to anybody before he showed it to me. And so he did,” he said.