Leno's contract expires in September of 2014, but NBC has yet to confirm the shift. Both Fallon and Leno have repeatedly made references to the transition and a series of jokes about NBC's indecisiveness at the networks expense, though. THR reports that Fallon will likely take over in February to capitalize on the highly rated Winter Olympics.
Meanwhile, with Fallon moving into the 11:35 spot, Saturday Night Live's Seth Meyers is reportedly being eyed to take over as the Late Night host at 12:35 a.m.. Both of the comedians are proteges of SNL and Late Night producer Lorne Michaels.
"It will be Seth unless something goes awry [in the dealmaking,]" a THR source says. Former Late Night and Tonight Show host Conan O'Brien was also a Michaels protege.