For weeks, even months now we've heard the buzzing rumors all-but-confirming that Jimmy Fallon would take over NBC's 'Tonight Show' from Jay Leno, with 'SNL' vet Seth Meyers likely to replace Fallon as the host of NBC's 'Late Night.' Leno and Fallon even collaboratively joked about the transition on April Fools, but has Jimmy Fallon's 'Tonight Show' takeover been officially confirmed? Hear the latest chatter inside!

A source belonging to The Hollywood Reporter may have confirmed what we've been hearing for the last few weeks, that 'SNL' alum and current 'Late Night' host Jimmy Fallon will move up to the big leagues in the near future by taking over NBC's 'Tonight Show' from longtime host Jay Leno. NBC has yet to officially announce the transition, as THR believes the network will wait until Fallon's 'Late Night' replacement has been confirmed.

One theory dictates that NBC will look to install Fallon in the 'Tonight Show' during the network's high-rated Winter Olympics coverage, but NBC magnate Lorne Michaels may elect to give Fallon more time. Not only that, but NBC would suffer a large penalty if the 62 year-old Leno were removed before his contract expires in September 2014.

NBC may also wish to wait until Fallon's 'Late Night' replacement has officially signed, with fellow 'SNL' vet Seth Meyers still in the lead for the job. "It will be Seth unless something goes awry [in the dealmaking,]" says THR's source on the transition.

We'll see if NBC has any kind of official statement in the coming weeks, but what say you? Are you ready for a late night future with Jimmy Fallon hosting 'The Tonight Show' while Seth Meyers follows with 'Late Night?'

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