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Jay Leno retiring as Jimmy Fallon takes over?

MSN Entertainment

Rumors are swirling that Jay Leno is retiring from "The Tonight Show" at the end of this year -- and that he's handing over the hosting chair to Jimmy Fallon.

Search: The Jimmy Kimmel-Jay Leno feud

According to The Hollywood Reporter, industry sources say NBC will announce Leno's retirement in May and the network will tap Fallon as Leno's replacement. NBC is denying the story.

The move -- if true -- would pit the "Late Night with Jimmy Fallon" host against ABC's Jimmy Kimmel, who has made no secret of his disdain for Leno. Sources say bringing in Fallon would give NBC a much-needed dose of youth in the 11:35 p.m. timeslot.

In the battle of the Jimmys, Fallon is seen by some to come out ahead, earning bonus points last week for donning a wig and dancing with first lady Michelle Obama. Kimmel, on the other hand, got into a spat with Morrissey.