"The Tonight Show" host Jay Leno will announce his retirement this spring. Leno has been hosting "The Tonight Show" since 1992 when he took over for late night legend Johnny Carson.

The Hollywood Reporter says NBC has told them that in May Jay Leno will announce the 2013-2014 season will be his last as host of "The Tonight Show."

Rumors suggest that jimmy Fallon will take over in order to bring a younger audience to NBC's late night lineup. ABC's Jimmy Kimmel has the majority of young late night viewers.

A representative for Leno told the Hollywood Reporter "we do not speculate on rumor."

Leno recently took a 15 million dollar pay cut as a result of NBC needing to lower their budget. There were also lay-offs to employees of The Tonight Show.

In 2010 Leno left "The Tonight Show" and host his own stand alone show, "The Jay Leno Show." Conan O'Brian took over "The Tonight Show," both shows failed and Leno was moved back to "The Tonight Show."

The moved left O'Brian jobless, until he was picked up by TBS.

Late night viewers may find themselves in the midst of another war between networks and late night talk show hosts. Rumors are also abuzz that David Letterman may also be retiring in 2014, and CBS may also be looking to make Jimmy Fallon an offer.