Seth Meyers has officially been named to take over for Jimmy Fallon on the “Late Night” show. Fallon will replace Jay Leno on the “Tonight” show in 2014 and Meyers will host his own late night show on NBC.

Fallon, who has hosted the show since 2009, is scheduled to take over for Leno following the 2014 Olympics. Meyers’ premiere date has not yet been announced.

NBC chairman Bob Greenblatt said “We think Seth is one of the brightest, most insightful comedy writers and performers of his generation.” He added that Meyers’ comedy is “perfect for the ‘Late Night’ franchise.”

Meyers joked about his new job, “I only have to work for Lorne for five more years before I pay him back for the time I totaled his car.” On a more serious note he added, “12:30 on NBC has long been incredible real estate. I hope I can do it justice.”

Like Fallon’s “Tonight” show, Meyers will host from New York’s Rockefeller Center. NBC is reportedly building a state-of-the-art studio for Fallon at 30 Rock. New York state’s budget proposal includes a tax credit for established tv programs that relocate to New York. The tax credit is worth 30 percent of production costs and is available to shows that start filming their first season in New York. NBC can take advantage of the tax credit by moving the show back to New York.

Lorne Michaels, who was the producer for the “Tonight” show, will be the executive for both shows. It was rumored that Meyers was Michaels’ favorite for the job and “30 Rock” leading lady Tina Fey was a close second after Fallon’s promotion was announced.

Meyers turned down some hosting jobs last July in favor of co-hosting “Live with Kelly!” on ABC in which he replaced Regis Philbin. He told South Florida Sentinel that the time was not right and he was ‘really in love with the job I have’ at SNL. Meyers has been in the SNL cast since 2001. He is currently in his seventh year as the “Weekend Update” host.

Watch Seth Meyers and Jimmy Fallon on the Late Show here: