Conan O'Brien Leaving NBC?

Conan O'Brien photo credit INFDaily.com.

Announcement in the works, says report.

Not being funny, we really didn't see this one coming. In the late-night showdown between Jay Leno and Conan O'Brien, we'd heard that Conan's fans were voicing their support in uber-loyal ways to encourage NBC to give Conan the time slot he wanted. But we have a new report, and it sounds like NBC's axing Conan the hilarian...really?

TMZ's latest report is that NBC has been working with Conan's people to pen the most painless way to get Conan to leave the Peacock. They reported Friday night that Conan's lawyers were reviewing NBC's settlement proposal and that a big announcement was set to come over the weekend.

As a result, it's said Jay Leno will go back to his 11:35 post to host The Tonight Show for one hour. He told Conan, "You're welcome!" for spiking The Tonight Show with Conan O'Brien ratings this week while the pair duked it out on the air.

Stay with LimeLife as the story develops...meanwhile our friends at PopEater have more details -- including the $30 million it's said Conan will make if he walks away.