A method for forming an electrocatalyst for fuel cell applications comprises electrolessly depositing a first plurality of nickel particles onto carbon-support particles. The nickel particles are formed from a nickel ion-containing aqueous solution. At least a portion of the nickel particles are replaced with platinum via a galvanic displacement reaction to form a second plurality of nickel particles coated with a platinum layer. During this displacement reaction step, the nickel particles are heated to a temperature sufficient to form the platinum layer. Finally, the second plurality of nickel particles is optionally incorporated into a cathode layer of a fuel cell.