Larry King, who is stepping down from his show Larry King Live later this year, is giving Lindsay Lohan advice on where she should go next ... more rehab or straight to jail?

King exclusively tells an X17online videographer that rehab is the best choice for Lilo.

We'll see if Judge Elden Fox agrees with King during Lindsay's hearing tomorrow at the Beverly Hills Courthouse. There's a good possibility that the judge could throw Lilo in the slammer for up to one year.

Larry King, 76, not surprisingly yawned his way through a day of sunglasses shopping in Beverly Hills with young wife Shawn Southwick. But on the plus side, it really does seem like the couple patched up their problems! Larry even put his arm around Shawn on their way out... two cute!

Courtesy: CNN

The news organization made the long-awaited announcement today.

Morgan, 45, will begin his new CNN job as host of a "candid, in-depth newsmaker interview program" in January. In a statement, Morgan had this to say about King:

“I have watched Larry King Live for much of the last 25 years, and dreamed of one day filling the legendary suspenders of the man I consider to be the greatest TV interviewer of them all."

Reports claim that Simon Cowell, Morgan's fellow judge on Britain's Got Talent, helped negotiate his multi-million dollar CNN deal.

Now that Larry King has announced that he will end Larry King Live this fall, the CNN veteran journalist is gunning hardcore for his buddy Ryan Seacrest to take over the talk show ... telling us, "I hope he does."

When it comes to Ryan handling the job's political duties, Larry admits to X17online exclusively:

"In all the years I've known him, I'm not sure how much interest he has in politics. You can't do that show without being a political junkie. If he has that, he'd be terrific."

Larry didn't have anything to say about Katie Couric joining the network...despite reports claiming she's still considering the spot.

As for Ryan, we have to admit ... Ryan Seacrest Live sounds pretty good!

Larry King is aiming to raise millions tonight to benefit victims of the Gulf Coast oil spill during CNN's 2-hour telethon, Disaster In The Gulf: How You Can Help.

X17online has learned that Sting will have a special performance during the broadcast. Also just added to the telethon lineup: Ke$ha, Lakers' champ Ron Artest, Gwen Stefani's hubby Gavin Rossdale and Nicole Richie.

The following celebrities have already announced their involvement: Cameron Diaz, Justin Bieber, Jenny McCarthy, Ryan Seacrest, Tim McGraw, Alyssa Milano, Edward James Olmos, Ian Somerhalder, Melania Trump and Pete Wentz ... just to name a few.

As for why he got involved with the cause, King says:

“I understand bureaucracy and that some things take time, but when you’re out of work, you don’t need help tomorrow, you need help today. I’m grateful so many friends and colleagues are coming out to support our June 21st telethon. We’re going to raise all we can to help the people and also the wildlife that need it now.”

The telethon airs tonight on CNN from 8 - 10pm EST.

Despite the police report claiming Provo, Utah officers felt Larry King's wife Shawn "might hurt herself," Shawn's father Karl Engemann maintains his daughter is putting the May 28 incident behind her and "she is moving on." On that day, Shawn was found unconscious with multiple prescription pill bottles and what may have been a suicide note next to her bed.

As for reports that Larry King's wife is still in the hospital, Engemann tells X17online exclusively:

"She's absolutely not in the hospital. She hasn't been there for quite a while. Shawn is out and about in the city today ... working out and feeling great. She's enjoying her vacation and just trying to regroup."

Engemann also confirms that Larry King has, in fact, visited his wife. He adds, "He loves Shawn. Of course he has come to see her. Shawn loves Larry very much, too."

King released this statement:

“I am extremely supportive of Shawn. Reports that we have fought are absolutely false. I love her dearly. Our marriage is still together and I am staying very close to our children, who we love immensely."

As for Chance,11, and Cannon King, 9 ... although they're not with their mom right now, Engemann says, "They're super kids and both are handling this well."

Larry King remains tight-lipped when it comes to his wife, Shawn's, health condition. When asked about how she's doing, King replies, "I'm not going to talk about it."

But everyone else is, Larry! At least the CNN talk show host didn't mad dog our cameras this time. On May 28, Shawn, 50, allegedly overdosed on prescription pills.

A police report from Provo, Utah, was released today that lists the following eight prescription drugs Shawn's currently taking: Compro, Prometrium, Clonazepam, Ambien, Klonopin, Subutex, Cymbalta and Lyrica. According to police, all eight prescriptions believed to be filled within the last ten days, were found empty by her bedside.

Larry King is not looking too happy these days. While on a stroll through Studio City, chatting on his cell phone, King couldn't help but scowl at the cameras. Guess he's still not used to being on THAT side of the camera.

The CNN talk show host has continued to remain silent when asked about his wife Shawn's reported overdose this past weekend. In a 9-1-1 tape, Shawn's dad, Karl Engemann, can be heard telling the dispatcher that Shawn may have accidentally overmedicated on prescription drugs that she's been taking for depression and menopause.

A police report from Provo, Utah, lists the following eight prescriptions that Shawn's currently taking: Compro, Prometrium, Clonazepam, Ambien, Klonopin, Subutex, Cymbalta and Lyrica. According to police, all eight prescriptions believed to be filled within the last ten days, were found empty by her bedside.

X17online exclusively spoke with Engemann yesterday, who told us that reports of his daughter being suicidal are "crap."

Even though Larry isn't talking, his rep released the following statement:

"Our marriage is still together, and I am staying very close to our children, who we love immensely. We shall go through this difficult time intact as a family."

Will King address his wife's condition on Larry King Live? We doubt it.