Today NBC released a statement announcing that Saturday Night Live alum Jimmy Fallon will be manning the desk when O'Brien leaves.

"We couldn't be happier to have Jimmy back on NBC and to have our number one-rated late night team fully in place for the future," said Ben Silverman, Co-Chairman of NBC Entertainment and Universal Media Studios at a press conference. "Jimmy is more than just a likeable guy and a great comedian; he is genuinely interested in what people have to say."

Added Rick Ludwin, Executive Vice President, Late Night and Primetime Series, NBC Entertainment, "Simply put, Jimmy has all of the qualities for a late night host -- in addition to being funny, he loves talking to people on and off camera, he's a talented comedy writer and his time at 'SNL' demonstrated not only his ability to entertain, but also the work ethic and dedication it takes to succeed at hosting a nightly show."

Fallon joined the cast of 'SNL' in 1998 and quickly became an audience favorite for his recurring characters and spot-on impressions. Beyond SNL, Fallon has performed hosting duties before. He has hosted the MTV Movie Awards twice and even filled in for an ailing David Letterman in 2003. Fallon has pursued feature films including "Almost Famous," "Band of Brothers,""Taxi," "Anything Else," "Fever PItch" and "Factory Girl."

The premiere date for "Late Night with Jimmy Fallon" will be announced at a later date.