Jay Leno is all but set to finally retire from the "Tonight Show"—somewhere Conan O'Brien is shaking his headed angrily—and Jimmy Fallon will be moved into his chair to replace him, according to The Hollywood Reporter.

Industry sources claim that NBC will announce Leno's retirement in May and that the network will choose Jimmy Fallon to replace him, effective at the end of the year. NBC has denied the report.

Sources indicate the Fallon would be a suitable replacement for Leno in acquiring a much younger crowd for the 11:35 p.m. time slot than Leno has been bringing in. Fallon currently hosts "Late Night with Jimmy Fallon."

Here is the quote from the Hollywood Reporter on the fomer star of SNL, Fallon, replacing the legendary Jay Leno.

"Sources believe the network will bring in Fallon partly out of concern about the competition on ABC, which moved younger-skewing Jimmy Kimmel to the 11:35 time slot in January. "The more time Jimmy Kimmel is in that slot, the more the young audience goes that way, the harder it is for Jimmy [Fallon] to keep that audience," says a source familiar with the network's thinking."

Though his show airs too late for many adults to see him, Fallon has done well with his time on NBC with the "Late Night with Jimmy Fallon" show. He recently had a sketch go viral after First Lady Michelle Obama stopped by for an interview and an "Evolution of Mom Dancing" skit that has almost 14 million views on youtube since it was posted a week ago. He has some famous clips with Justin Timberlake on the history of rap, as well. You can watch the videos of Jimmy Fallon's skits, "Evolution of Mom Dancing" and "History of Rap" with Justin Timberlake below for your enjoyment.

What do you think of Jimmy Fallon as a host replacement for Jay Leno on "The Tonight Show?" Have you seen some of his famous skits from SNL? Let us know what you think about Jimmy and his comedy past at NBC.