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NBC announced “The Jay Leno Show” with great fanfare back in 2008, and after fewer than five months on the air, Jay Leno will call it quits tonight.

For the show’s finale, Leno will have Ashton Kutcher promoting “Valentine’s Day,” “Precious” star Gabourey Sidibe, and Bob Costas will do the “10 at 10″ from Vancouver, where he will host the Winter Olympics, beginning Friday on NBC.

While the Olympics are on, Leno’s studio will be completely redone before he (again) hosts “The Tonight Show,” starting March 1.

What are your thoughts about him calling it quits tonight?

Follow @GossipCop on Twitter for the best in accurate celebrity news!

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Fresh off his upset win for the U.S. Senate, Scott Brown is heading for an institution with a bit less staying power: “The Jay Leno Show.”

Brown, who defied conventional wisdom to triumph in a special election for the late Edward Kennedy‘s Massachusetts seat last week, will appear on Leno’s program this Thursday for a “10 @ 10″ segment.

Leno, as you may have heard, will himself be replacing someone shortly.

No word yet on whether Brown plans to “go rogue” on Leno as Jimmy Kimmel recently did.

Follow @GossipCop on Twitter for updates.

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UPDATE: 12:30PM -

NBC plans to air reruns of “The Tonight Show with Conan O’Brien” between the host’s departure tomorrow and the start of the Winter Olympics, according to reports.

Jay Leno takes back the chair on March 1.

We’re guessing NBC won’t choose to air episodes like last night’s.

ORIGINAL POST – 7:56 AM

After a couple of weeks of wrangling, NBC just announced it has struck a $45 million deal with Conan O’Brien to leave “The Tonight Show.”

Under the agreement, O’Brien will receive more than $33 million, with the balance going to his staff as severance.

Conan’s last show will be this Friday, and Jay Leno will return to “The Tonight Show” on March 1.

The deal ends a two-week battle of barbs between hosts and the network. Among the many memorable lines from O’Brien was his advice to kids about fulfilling their dreams: “You can do anything you want in life. Unless Jay Leno wants to do it, too.”

Late night rivals David Letterman and Jimmy Kimmel entered the fray, too, often targeting Leno and NBC.

“In the end, Conan was appreciative of the steps NBC made to take care of his staff and crew, and decided to supplement the severance they were getting out of his own pocket,” his manager Gavin Polone said, adding, “Now he just wants to get back on the air as quickly as possible.”

According to the settlement, O’Brien can begin a new TV hosting gig as early as September. Fox has made it known that it would be interested in possibly doing a late night show with O’Brien.

Gossip Cop will update when more information emerges…

Be sure to follow @GossipCop on Twitter for updates, and visit GossipCop.com for the MOST accurate celebrity reporting!

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UPDATE – 12:35AM  1/8/10

After a day of incredible developments for NBC and the late night landscape, TMZ now reports that the network has given Conan O’Brien a choice – to move his “Tonight Show” back to 12:05AM nightly, giving Jay Leno the half-hour starting at 11:35PM… or to leave NBC.

The site claims that Leno will be given a full hour if O’Brien decides to walk.

Whether such an offer is on the table has not yet been confirmed.

Gossip Cop will monitor all rumors closely…

UPDATE – 9:35PM -

As Gossip Cop reported earlier, Leno DID address shakeup rumors in his monologue during today’s taping of “The Jay Leno Show.” Video is below.

UPDATE – 7:55PM -

NBC has released the following statement:

“We have the best comedy team in the business. We remain committed to keeping Conan O’Brien on NBC. He is a valued part of our late-night line-up, as he has been for more than 16 years and is one of the most respected entertainers on television.”

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Rumors have gained steam all day that NBC plans to make MAJOR changes to “The Jay Leno Show,” its late night lineup, or both.

Speculation that the network sought to overhaul or cancel Jay Leno‘s prime time experiment took a turn late in the afternoon when TMZ reported a bombshell: NBC was set to return Leno to “The Tonight Show,” the 11:30PM institution he vacated to make way for Conan O’Brien.

Gossip Cop has been on the phone with sources at both programs, sources at the network, and friends of both hosts. What’s been repeated is that NBC is looking to make a change at the 10:00pm slot, but that the timetable hasn’t been set.

Here’s what we’ve learned: Leno is set to address the swirling rumors during today’s taping of “The Jay Leno Show,“ sources at NBC tell Gossip Cop.

Gossip Cop will have updates as soon as they’re available. Stay tuned…

Follow @GossipCop on Twitter for updates.

Visit GossipCop.com for today’s best accurate celebrity reporting.

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The days before “New Moon” is released are getting awfully packed with promotional appearances by its principal cast members. Gossip Cop can add another big one to the list.

Gossip Cop has just confirmed Taylor Lautner will be a guest on “The Jay Leno Show” on November 16, which will tape just a few hours before the world premiere of “New Moon” in Los Angeles.

So for those of you keeping tabs on Jacob, here’s what we know about his week:

November 16 – “The Jay Leno Show” and the world premiere of “New Moon” in Los Angeles

November 17 – special Knoxville, TN charity screening

And then in New York, of course, Lautner’s got “The Today Show” on November 20 and “Live with Regis and Kelly.” He’ll also appear the night the movie opens on a pre-taped “Jimmy Kimmel Live.”

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