This is the official announcement from the Academy:
"The Board of Governors of the Academy of Motion Picture Arts and Sciences voted tonight to present Honorary Awards to actor James Earl Jones and makeup artist Dick Smith and the Jean Hersholt Humanitarian Award to philanthropist Oprah Winfrey. All three awards will be presented at the Academy’s 3rd Annual Governors Awards dinner on Saturday, November 12, at the Grand Ballroom at Hollywood & Highland Center®."
So the rumors of Oprah hosting are probably mute, but at least the hunch that they had something planned for her was correct. I am pretty excited about James Earl Jones finally getting some Academy recognition.