According to The Hollywood Reporter, a "well-placed source" says that Jimmy Fallon has finalized a deal with NBC to replace Jay Leno on the "Tonight" show. NBC, however, has not yet confirmed the deal.
"Still not clear is when exactly Fallon will take over Tonight. THR’s source says some NBC execs want to launch Fallon’s New York-based Tonight in February during network's high-rated Winter Olympics coverage, but producer Lorne Michaels is said to prefer to give Fallon a little more time. Plus, NBC would owe Leno a significant penalty if it took him off the air before his contract expires.
The timing and nature of the Fallon announcement also is said to be in flux, with some at NBC said to believe that the network should wait to confirm the Tonight transition until it can close a deal with Fallon’s replacement."
Leno's contract is up September 2014.
Prachi Gupta is an Assistant News Editor for Salon, focusing on pop culture. Follow her on Twitter at @prachigu or email her at firstname.lastname@example.org.