The second piece of NBC’s late-night succession plan is falling into place.

Speculation has been swirling for a few months that former “Saturday Night Live” regular Jimmy Fallon would take over “Late Night” when Conan O’Brien moves to “The Tonight Show” next year. That looks to be pretty much a done deal now.

The showbiz trade papers report that Fallon, who’s been a frequent guest on O’Brien’s show and guest-hosted CBS’ “Late Night with David Letterman” a few years back, will be announced as O’Brien’s replacement at NBC’s upfront event May 12. O’Brien is expected to take over “The Tonight Show” in early 2009, which would in turn give Fallon time to develop his own show.

Fallon signed a holding deal with NBC last year, which fueled buzz that he was being groomed to take over “Late Night.”

Still up in the air is Jay Leno’s future at NBC. He has enjoyed a years-long run at the top of the late-night ratings, and NBC is reportedly looking for ways to keep him in the fold. FOX and ABC are also interested in securing Leno’s services.

Since leaving “SNL” in 2004, Fallon has starred in “Fever Pitch” and “Taxi” and hosted the 2005 MTV Movie Awards.

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