Jimmy Fallon, 'Tonight Show' News: Host Signs New Contract with NBC to Take Over for Jay Leno? Seth Meyers Frontrunner for 'Late Night' Job? Fallon, Leno 'West Side Story' Video

It looks like at least one major move has been made official regarding the future of NBC's "Tonight Show." According to The Hollywood Reporter and New York Times, Jimmy Fallon's takeover of the "Tonight Show with Jay Leno" will indeed be happening. The "Late Night" host reportedly signed a deal with NBC to stay past 2015 when his previous contract was set to run out. According to reports, the deal has language in it that will give Fallon the "The Tonight Show," the only questions are when Fallon will replace Leno and when NBC will make an announcement.

Tuesday night, both Bill Carter of the New York Times and Kim Masters of The Hollywood Reporter reported that Fallon had agreed to a deal to stay on with NBC and eventually take over the "Tonight Show" hosting duties. Despite the reports, NBC has refused to confirm all the rumors involving the fate of the "Tonight Show." Instead, the network has allowed Leno and Fallon to tease fans by using the situation in their monologues. Leno and Fallon sang their own version of "West Side Story" poking fun at the rumors for Monday's "Late Night" opening. Watch below.

This still leaves fans with the question, when will Fallon actually take over for Leno? According to The Hollywood Reporter, some NBC executives want Fallon to take over for Leno during February's Winter Olympic's coverage. However, this would likely result in NBC having to dish out loads of cash to Leno for letting him go before his contract runs out in September of 2014. Producer Lorne Michaels is reportedly said to prefer waiting a little longer before letting Fallon take over the "Tonight Show" hosting duties.

Despite all the reports it also sounds like fans will have to wait for NBC to make an official annoucement. Apparently the network wants to get a replacement for Fallon on "Late Night" before they make it official. Despite rumors that Howard Stern was being groomed to take over the "Late Night" hosting duties, it sounds like SNL writer Seth Meyers is the most likely candidate to take over for Fallon on "Late Night."