Jimmy Fallon, 38, will take over The Tonight Show when Jay Leno, 62, leaves in 2014. As part of the transition plan, Fallon, whose move to The Tonight Show is part of a contract extension with NBC, will likely succeed Leno in February, just after the Winter Olympics.

The late night move has plenty of fans recalling when Leno said he would hand the reins over to Conan O’Brien in 2009, only to see this succession plan fail miserably. After just eight months O’Brien left NBC and Leno reassumed his post, leading many to pick sides between the two hosts and point fingers at NBC.

“The main difference between this and the other time is I’m part of the process,” Leno told The New York Times. “The last time the decision was made without me. I came into work one day and — you’re out.”

As part of the changing of the guard, The Tonight Show will also move from Burbank, Calif., to New York City, where Fallon currently shoots Late Night With Jimmy Fallon.

No word yet on who will replace Fallon, however SNL senior writer Seth Meyers has been rumored as a possible fit.

"It will be Seth unless something goes awry,” a source told The Hollywood Reporter.

Leno and Fallon have made public efforts to display their mutual support and have also had plenty of fun with the process, even making a parody video of "Tonight, Tonight" mocking the speculation. Even now the hosts have addressed the change with their trademark humor.

“Congratulations Jimmy. I hope you’re as lucky as me and hold on to the job until you’re the old guy,” Leno said, reports The Washington Post. “If you need me, I’ll be at the garage.”

“I’m really excited to host a show that starts today instead of tomorrow,” Fallon added.

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