Looks like the rumors about Jimmy Fallon replacing Jay Leno as host of The Tonight Show are true after all. According to EW, NBC has officially announced that Fallon closed a deal that will pave the way for him to replace Leno and for the show to be moved back to NYC, where it first premiered in 1954.

Leno and Fallon performed a skit satirizing the situation on Monday, which likely suggests that they're both comfortable with the changeover.

As for when this will happen: The network reportedly wanted the switch to occur next February during the network's Winter Olympics coverage, but new executive producer Lorne Michaels reportedly wanted to give Fallon more time before the change - NBC also would be subject to a penalty if they pulled Leno off the air before his contract ended in mid-2014, anyway. Instead, Leno will taken his last bow as host in spring of 2014, and then the show will be moved back to its original studio in 30 Rockefeller Plaza where Fallon will take over.

As previously reported, Seth Meyers is rumored to be the frontrunner to replace Fallon at Late Night should this switch happen.

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[via EW]