0804_art_fallon.jpgAt a press conference set to take place today, it's expected that Jimmy Fallon will be announced as Conan O'Brien's successor on the "Late Night" show. WNBC reports that the early chatter came in from an anonymous source. The announcement doesn't come as a surprise, since reports of the late night changes began to leak last year; last month Fallon's new position was all but confirmed.

The NY Times reports that Fallon will be formally introduced today, as he's expected to appear at the news conference alongside Lorne Michaels, who hand-picked him for the spot. Why Michaels? His last pick, O'Brien, "defied early naysayers and turned into a champ."

When will the city have to bid farewell to the reigning champ is yet to be announced, but the host will be moving to the West Coast to fill Leno's chair; Leno is reportedly "not eager to leave." However, if NBC backs out of the O'Brien deal, the penalty fee is said to be around $40 million.