Jan. 22 will be the end of "The Tonight Show With Conan O'Brien" on NBC.

The Hollywood Reporter says NBC and O'Brien have come to an agreement that will pay out nearly $40 million to the "Tonight" host, allowing him to leave NBC and land at whatever other network he wants.

That will give Jay Leno, whose self-titled primetime show was cancelled by NBC, to retake control of "Tonight" after the Winter Olympics.

The deal has yet to be finalized as of Saturday, but it's expected to wrap by the weekend. The deal will avoid what could've been a costly, time-consuming court battle where both sides would argue they were in the right. NBC claims there were no time guarantees in O'Brien's contract, saying it only gave him the host of "Tonight," while O'Brien maintains there was an implicit time guarantee based on the fact that "Tonight" has broadcast immediately after the local news for some 55 years.

This has been a tough week for both sides. NBC has been pounded not only by Leno and O'Brien on their respective shows, but by competitors as well. David Letterman, who was involved in the initial late night war with Leno in 1993, has taken potshots at the network and Leno from his perch at "Late Show With David Letterman," while Jimmy Kimmel has slammed Leno both on his ABC late-night show, as well as on Leno's primetime show itself.

To top things off, Dick Ebersol, NBC's sports chief, had been attacking O'Brien, with a source close to the host saying that Ebersol was mad because O'Brien wouldn't take comedy notes from a "62-year-old sports producer."

O'Brien's deal will take him off the air by Jan. 22, the last day that he would've broadcast new episodes anyway ahead of the Winter Olympics. Leno will continue right up to the Olympics on his show.

Leno is expected to host "Tonight" from his primetime studio, with the brand new studio built for O'Brien is expected to remain dark. Leno could return as host of "Tonight" as early as March 1.

O'Brien's likely landing pad could be Fox, although there has been reports that the networks are taking their time in deciding what to do based on O'Brien's poor ratings performance over the last seven months, and the continued negative press that surrounds the whole late night disaster.