Report: Jimmy Fallon Signs Deal to Take Over The Tonight Show

Leno and Fallon. Photo: Kevin Winter/Getty Images2013 Getty Images

The Hollywood Reporter hears from a well-placed source that NBC has closed a deal to have Jimmy Fallon inherit The Tonight Show from Jay Leno. (Despite the fact we explained exactly why it's crazy! The gall!) "Still not clear is when exactly Fallon will take over TonightTHR’s source says some NBC execs want to launch Fallon’s New York-based Tonight in February [2014] during network's highly-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." That contract expiration is set for September 2014, and NBC may wait until they've sorted out Fallon's replacement before making an official announcement. The front runner is still said to be SNL's Seth Meyers. Until everything is settled, hang tight for more singing.