“Saturday Night Live” veteran Jimmy Fallon is set to succeed fellow veteran Conan O’Brien as host of NBC’s “Late Night” in 2009, according to media reports.

The Hollywood Reporter reported Thursday that Jimmy Fallon was considerably closer to replacing Conan O’Brien as host of “Late Night” on NBC. Fallon has either signed a contract with NBC or will shortly sign one.

There has been much speculation regarding this replacement and O’Brien’s subsequent move to Los Angeles next year to replace Jay Leno at “The Tonight Show.”

NBC is expected to make the announcement on May 12, during its “upfront” presentation to advertisers in New York. The network declined comment on Thursday, says the Hollywood Reporter.

The 33-year-old Fallon co-starred on “Saturday Night Live” for six seasons. He became famous for his song parodies and for frequently breaking into laughter during a sketch, a tendency which made him even more endearing among fans and annoying among critics.

His part in “SNL” was nevertheless a success and he eventually co-anchored “Weekend Update” with Tina Fey. Jimmy left the show in 2006, but made several guest appearances afterwards.

He has also played in various films, such as “Fever Pitch” alongside Drew Barrymore, “Taxi” alongside Queen Latifah, and “Factory Girl” with Sienna Miller and Guy Pierce.

Jimmy co-hosted the 2001 MTV Movie Awards with Kirsten Dunst and went on to host the MTV Video Music Awards in 2002 and the MTV Movie Awards in 2005.

The Reporter adds that his upcoming takeover of the 12:30 a.m. talk show is due to a development deal he signed with NBC in early 2007 and that he is likely to stay at O’Brien’s Studio 6A at New York’s 30 Rock, although details have not been confirmed.