Huge Change Reportedly in Store for Jay Leno and 'The Tonight Show

NEW YORK, NY - JANUARY 28: Jimmy Fallon hosts 'Late Night With Jimmy Fallon' at Rockefeller Center on January 28, 2013 in New York City. Credit: Getty Images

It's official, Jimmy Fallon is going to take over "The Tonight Show," at least according to anonymous sources at NBC. The decision would remove longtime late night host Jay Leno from the time slot.

Meanwhile, there is an ongoing debate about the timing of the switch among key players at NBCUniversal, according to the Hollywood Reporter. Executives are reportedly leaving toward launching Fallon's show in February of 2014, while others don't want to move too quickly.

"Moving more quickly not only would provide a high-profile launch for Fallon but effectively would keep Tonight Show host Jay Leno from moving to a rival network until his contract expires in September 2014," THR reports.

The Huffington Post reports that NBC has been "quietly" building Fallon a new studio in 30 Rockefeller Center in Manhattan for the anticipated move to "The Tonight Show" at 11:35.

Sources say the transition will occur "by the fall of 2014 at the latest."