Saturday Night Live star Seth Meyers, 39, will replace Jimmy Fallon as host of Late Night when Fallon takes over for Jay Leno on The Tonight Show, NBC announced Sunday.

SNL boss Lorne Michaels will executive produce for the 12:35am time slot next year. Meyers will continue to appear on the weekend comedy skit show until he takes over Late Night. Meyers said in a statement:

"I don't want to make any broad pronouncements about how the show is going to be, whether it's going to be the same or different. But I have to draw on my background in improvisational comedy and sketch comedy and stand-up comedy and try to find some mix of that."

NBC announced April 3, that Fallon, 38, would replace Leno, 63, next year.

Jay Leno will be leaving The Tonight Show and Jimmy Fallon will be replacing him, NBC has confirmed.

Steve Burke, Chief Executive Officer of NBC Universal, said in a statement, "Jay Leno is an entertainment icon, making millions of people laugh every weeknight for more than 20 years. His long reign as the highest-rated late-night host is a testament to his work ethic and dedication to his viewers and to NBC ... We are purposefully making this change when Jay is no. 1, just as Jay replaced Johnny Carson when he was no. 1."

"Jimmy Fallon is a unique talent and this is his time," Burke continued. "I'm thrilled he will become the sixth host of The Tonight Show at exactly the right moment, in conjunction with our coverage of next year's Winter Olympic Games from Sochi, Russia."

Leno tweeted, "Congratulations Jimmy. I hope you're as lucky as me and hold on to the job until you're the old guy. If you need me, I'll be at the garage." Fallon quipped, "I'm really excited to host a show that starts today instead of tomorrow."

We have to say, we can't wait for his album The 20/20 Experience to come out!

Justin Timberlake stopped by Jimmy Fallon to perform his latest single "Mirrors", and for anybody who had their doubts fear not, because JT is officially back in a big way!

The tune features lyrics like "Cause I don't wanna lose you now/I'm lookin' right at the other half of me/The vacancy that sat in my heart/Is a space that you now hold", and it seems pretty clear he wrote the hit for new wife Jessica Biel. What a lucky lady!

We are obsessed with this song! It's so much better than "Suit & Tie"!

First Lady Michelle Obama showed that even she can flex her comedy muscle as well as her dancing skills when she and Jimmy Fallon got their groove on for a skit to help promote her Let's Move! fitness initiative.

On last night's Late Night with Jimmy Fallon, the comedian was dressed in drag as he joined President Barack Obama's wife for their skit, The Evolution of Mom Dancing, which included such moves as the "Go Shopping, Get Groceries," the "Sprinkler" and even "The Dougie," where Michelle left the late night host at a loss for moves.

Watch the hilarious video above to see who had the better moves!

Hurricane Sandy is in the midst of causing wreckage and destruction on the East Coast, and although a number of events have been cancelled, for David Letterman and Jimmy Fallon the show must go on!

The talk show hosts soldiered on without their usual live studio audiences, but still brought to the table some huge celebrity guests! Funny man Fallon welcomed Seth Meyers, Top Chef host Padma Lakshmi, director Robert Zemeckis, and the band Imagine Dragons.

"I'm assuming that people at home will be watching either on their laptops or they're getting their generators out and they're gonna want to see... I want to leave room to laugh," Fallon joked.

True to form, Letterman poked fun at the natural disaster with a top 10 list of Rejected Names For The Storm, and then welcomed Flight actor Denzel Washington, who arrived in a yellow rain coat.

At least these comedian hosts kept their sense of humor!

Bitter? Nah!

Conan O'Brien made a surprise appearance on Late Night with Jimmy Fallon last night ... and it was the first time the comedian has been back to NBC since his major fall-out with the peacock network back in January 2010.

Jimmy now works on the same New York City sound stage that Conan called home for sixteen years. "You know, I was out in New York, I decided to drop by and check out my old studio," Conan told Jimmy after the audience's cheers died down.

"You were here for sixteen years. And then what happened?" Jimmy quipped.

After a hearty laugh, Conan -- who is now based in Los Angeles -- replied:

"Don't you worry about that. You're a young guy ... it worked out fine. Anyhoo, I came by for a reason, which is I left something here, something important to me. And I haven't had it in a while and I thought since I'm here ... I can get it back. Is that cool with you?"

What was it? Conan's famous prop pup, Triumph the Insult Comic Dog. See how Triumph fared in the video above.

Reunited and it feels so good!

If Justin Timberlake did nothing but comedy sketches from now on, we'd be perfectly happy.

The singer-turned-actor went on Late Night with Jimmy Fallon Tuesday to promote his new movie, Friends With Benefits. Everyone expected him to do a follow-up to last September's now-viral "History of Rap," where he spit out rhymes from Tupac to Jay-Z with Jimmy.

“It’s not going to happen — we can’t do it again,” Justin Timberlake told Jimmy and his audience.

But, of course they did. Beginning and ending with Kurtis Blow's "Breaks," the two worked their way through everything from Grandmaster Flash and DMX to Biz Markie and Vanilla Ice. The mash-up was really well-reherased - or at the very least, it sure looked like it was. (Until they tried to Dougie. That was a bit rough.)

Check out the hilarious rap here:

Justin and Jimmy, you really do "win, win, win no matter what."

See the original "History of Rap" ... after the jump.