According to an individual with intimate knowledge of the situation reports that a final airdate has been set for "The Tonight Show with Jay Leno".

The source says Leno will host his last "Tonight" show Feb. 8 of next year. Jimmy Fallon, who currently hosts "Late Night", will take over hosting duties the following Monday.

Per Leno's contract, the "Tonight" show crew will continue to be paid through September 2014. Leno is known for his generosity toward his employees, taking a 50% pay cut when he renewed his NBC contract last year, which saved jobs after around 20 crewmembers were laid off.