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Jay Leno will be leaving The Tonight Show and Jimmy Fallon will be replacing him, NBC has confirmed.

Steve Burke, Chief Executive Officer of NBC Universal, said in a statement, "Jay Leno is an entertainment icon, making millions of people laugh every weeknight for more than 20 years. His long reign as the highest-rated late-night host is a testament to his work ethic and dedication to his viewers and to NBC ... We are purposefully making this change when Jay is no. 1, just as Jay replaced Johnny Carson when he was no. 1."

"Jimmy Fallon is a unique talent and this is his time," Burke continued. "I'm thrilled he will become the sixth host of The Tonight Show at exactly the right moment, in conjunction with our coverage of next year's Winter Olympic Games from Sochi, Russia."

Leno tweeted, "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 quipped, "I'm really excited to host a show that starts today instead of tomorrow."