Here's what we know so far ...

The Academy has reportedly shared with Variety that the 2021 Oscars will be an "in-person show." However, The Hollywood Reporter is reporting that “no decision has been made to move forward with an in-person ceremony,” and this is according to "multiple knowledgeable insiders."

Variety states, "by holding the Oscars later in spring, organizers are now focusing to make sure that the event continues as it always has live."

Whereas The Hollywood Reporter says, "with Los Angeles County in the midst of a three-week shutdown due to a surging number of COVID-19 cases, insiders say the Academy and ABC cannot confidently make plans for next week, let alone next year."

So ... which one is it? In-person or virtual? The truth is, we don't know. And likely won't until The Academy announces the 2021 plans themselves or confirms either publication's statements.

The annual awards show has been postponed to April 25, 2021, and it will be live, as it always has—regardless of the in-person or virtual format.

Film fans and critics have long anticipated this annual event. Many hold parties to watch the awards telecast, while others dress up in their homes and anticipate if their top choices will, in fact, win an award. But it looks like none of us can go making plans just yet.

What do you love about the Oscars? Do you think the 2021 Academy Awards will be held in-person or virtually? Share your thoughts in the comments below.