Though it was rumored for weeks, it has finally been announced that Jimmy Fallon will in fact take over The Tonight Show from Jay Leno next spring.

THR confirmed the news when Jay Leno made the announcement via a news release.

And that’s not all that’s changing with The Tonight Show. The show, which has traditionally been filmed in California, will move to New York City when Jimmy takes over. If that’s not all, Saturday Night Live creator Lorne Michaels will take over as Executive Producer as well.

NBC has not said who will replace Jimmy Fallon’s “Late Night” show but strong rumors over the last several weeks have pointed toward Weekend Update anchor and Saturday Night Live head writer Seth Myers.

Leno had this to say about the transition:

“Congratulations Jimmy.  I hope you’re as lucky as me and hold on to the job until you’re the old guy. If you need me, I’ll be at the garage.”

Fallon followed up with a joke about the time slot change (Jimmy’s show currently airs at  12:30pm ET):

“I’m really excited to host a show that starts today instead of tomorrow.”

Saturday Night Live fans are now wondering if Lorne Michaels will pull double-duty and continue with SNL and The Tonight Show, or if he’ll be leaving the show he started back in the 70s to produce Jimmy Fallon?

Recently, Jimmy Fallon and Jay Leno had some fun jabbing at NBC for the behind closed doors negotiations. You can check out that sketch right here.

What are your thoughts about Jimmy Fallon taking over The Tonight Show next year? Do you think he will have what it takes to take over such a long-standing classic late night show? If Seth Meyers can’t take over for Jimmy Fallon, who would you like to see take that spot? Leave your thoughts and comments below!