The New York Times reports that NBC is preparing for a changing of the guard at The Tonight Show. Though a time table has yet to be finalized, the network plans for Jimmy Fallon, current host of Late Night With Jimmy Fallon, to replace Jay Leno as host by fall 2014 when Leno's contract expires.
When Fallon takes over, The Tonight Show will move from Burbank, California to New York City. Leno has recently joked about NBC's ratings woes during his monologue, allegedly upsetting the network's executives. Many more details about the transition can be found here.