Seth Meyers will be taking up Jimmy Fallon's post at Late Night as Fallon moves on to The Tonight Show, NBC announced today. The current Saturday Night Live "Weekend Update" anchor will be following a path cleared by Fallon, who made the same jump from SNL's news desk four years ago.

The Associated Press reports that Meyers, who has been the head writer at SNL for eight seasons and the "Weekend Update" host for seven years, had been considered the main candidate for the Late Night job since the news first came out that Fallon was leaving. "We think Seth is one of the brightest, most insightful comedy writers and performers of his generation," NBC entertainment chairman Bob Greenblatt told the AP.

Rumors had been circulating for some time before NBC finally announced in early April that Fallon would be leaving behind his 12:35 a.m. time slot to take over Jay Leno's position on Tonight. The Tonight Show will be relocating back to New York, and SNL creator Lorne Michaels will be coming on as producer.

Meyers will leave Saturday Night Live holding the record for serving the longest term as "Weekend Update" anchor in the show's history. "I only have to work for Lorne for five more years before I pay him back for the time I totaled his car," Meyers joked as his new move was announced. "12:30 on NBC has long been incredible real estate. I hope I can do it justice."