NBC Finally Set to Announce: Jimmy Fallon To Take Over Conan's Seat

It's official! On May 12, NBC will finally officially announce that Saturday Night Live's Jimmy Fallon will take over next year for Conan O'Brien, who will dethrone Jay Leno on the Tonight Show gig. "Jimmy's a smart pick," one network executive told Entertainment Weekly. ''He's a young, cute guy that will draw women in.'' Um, we don't think women are all that into a giggly dude who lives in a kind of perpetual post-college adolescence, but maybe that's just us. And what about Jay? Entertainment Weekly reports:

The real question, however, is whether Leno will Jaywalk out of NBC's door when his contract expires at the end of 2009. He's said to be miffed about having to relinquish The Tonight Show, which has remained highly profitable during his tenure. (The program is TV's most watched late-night talk show, and is rumored to make in excess of $100 million in profits annually.) NBC is more than eager to keep Leno in the fold, and has already offered him several options, including prime-time specials and/or hosting another show — basically, anything that doesn't air at 11:30 p.m. (That said, Leno has made it known that he really likes that hour, and views himself as a late-night guy.)