Gee we’ve all heard this one before. NBC is replacing Jay Leno (again) of the Tonight Show gig in 2014 and Late Night host Jimmy Fallon will be taking over hosting duties. Seth Myers has been rumored to take over Late Night. In future news, NBC has decided to rip up Jimmy Fallon’s contract and replace Fallon with Jay Leno.

It’s official: NBC announced today that Jimmy Fallon will succeed Jay Leno on The Tonight Show.
Leno will wrap up 22 years of hosting the franchise in Spring 2014, which marks the end of his current contract. Fallon, who currently reigns at 12:30 a.m. with his Late Night, will take over at that time. Had NBC made the decision to install Fallon earlier — like, say, around the Winter Olympics — it would have had to pay out millions in penalty fees to Leno.
As previously reported, The Tonight Show will return to its original home in 30 Rock in New York and will be executive-produced by Lorne Michaels (Saturday Night Live, 30 Rock). He replaces longtime EP Debbie Vickers.
It’s unclear who will take over Late Night, Fallon’s current show. An announcement is expected soon.
[EW]