The U.K. tabloid The Sun posted a story to its website on Tuesday evening suggesting that the Academy is consulting a committee of A-listers about whether to proceed with the ceremony on March 2.

The Academy Awards ceremony is not in danger of being cancelled, industry sources have assured. Doubts about the staging of this year's lavish event came from tabloid newspaper The Sun, which suggested that a committee including Hollywood stars Meryl Streep and Tom Hanks were currently assessing options for the event.

The Oscars are slated to take place in Los Angeles, but the city is reeling from the impact of ongoing wildfires. Find out if the big ceremony will go on despite the disaster.

Will the show go on? A report in the U.K. tabloid The Sun insisting the Academy Awards were “on the verge of being canceled” due to fallout from the deadly Los Angeles wildfires began to gain traction online Tuesday afternoon.

For the first time in its 96-year history, the prestigious Oscars may be cancelled due to the devastating wildfires tearing through Los Angeles. As Tinseltown's elite gear up for the glitzy event planned for March 3,