Rumor Mill: Jimmy Fallon Takes Over For Conan O'Brien

Although it has been speculation for a while now that Jimmy Fallon will replace Conan O'Brien when he replaces Jay Leno on The Tonight Show (exhausting!), insiders are buzzing that all this speculation will soon become fact.

Fox News is reporting that NBC will make a formal announcement in May when it presents its Fall 2008 line up to advertisers. The network reportedly believes that Jimmy has both the talent and the audience to succeed Conan's late night empire.

And Jimmy is no stranger to late night TV. The actor enjoyed a successfull eight year stint on Saturday Night Live, before he left to pursue a film career in 2006.