In the past year there have been murmurings of Jimmy Fallon taking over Conan's "Late Night" seat, when the latter moves over to the Tonight Show. Variety reports that NBC will officially announce the former SNL star's new position within the next few weeks, reuniting the actor/comedian with the Peacock network as well as Lorne Michaels (who executive produces the show).
The announcement was to be timed around an NBC presentation at 30 Rock "that's taking the place of NBC's traditional upfront," however "timing of the announcement may now be in flux" since Fox News and the NY Times had already spilled the beans. When it is announced, and the moves are made, Conan will likely land at LA's Universal Studios' Stage One, with Fallon at New York's studio 6A.
Conan will be taking off six months between hosting duties, and it's expected that Fallon will be back on the small screen in February 2009; giving him plenty of time to put his show together.