Jay Leno and Jimmy Fallon Talk About ‘The Tonight Show’ Transition [Video]

It's going to happen on February 17, but was Jay Leno really ready to give up his job as host of NBC's "The Tonight Show?"

How does Jimmy Fallon feel about the transition?

Do the two late night show stars even like each other?

Jay and Jimmy talk candidly in their first interview together.

Jay Leno, 63, revealed to Matt Lauer that he would have been happy to stay on as host of NBC's "The Tonight Show for another year or so, but he does say that he is ready to leave what he calls "the greatest job in show business."

It was announced last April that Jimmy Fallon, 39 will be the new host for "The Tonight Show." It's rumored that Fallon's $8 million salary will jump to $12 million, which is $3 million short of Leno's $15 million annual salary. Fallon has been working in late night television for less than five years.

Leno's final show, on February 6 will feature guests Garth Brooks and Billy Crystal.

Fallon's first night as the new host for "The Tonight Show" will be February 17, and will feature guests U2 and Will Smith. First Lady Michelle Obama will be a guest on February 20.

Seth Myers will take over Fallon's time slot on NBC.

Leno and Fallon sat down with the Today Show's Matt Lauer to talk about the upcoming late night show shake up in the video below.

Are you ready for a new host on "The Tonight Show?"

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