This just in from NBC:

 STATEMENT FROM NBC AND CONAN O’BRIEN:

    NBC and Conan O’Brien have reached a resolution of the issues surrounding O’Brien’s contract to host “The Tonight Show with Conan O’Brien.”

Under terms of an agreement that was signed earlier today, NBC and O’Brien will settle their contractual obligations and the network will release O’Brien from his contract, freeing him to pursue other opportunities after September 1, 2010.

O’Brien will make his final appearance as host of “The Tonight Show” on January 22.

AND THE FOLLOW UP:

   NBC ANNOUNCES THAT JAY LENO WILL RETURN TO HOST ‘THE TONIGHT SHOW’ FROM 11:35 P.M.-12:35 A.M. (ET) BEGINNING MARCH 1 WHILE ‘LATE NIGHT WITH JIMMY FALLON’ CONTINUES AT 12:35 A.M. (ET)

    UNIVERSAL CITY, Calif. - January 21, 2010 - NBC confirmed today that popular late-night host Jay Leno will return to host “The Tonight Show with Jay Leno” from 11:35 p.m.-12:35 a.m. (ET) beginning March 1, 2010 and that “Late Night with Jimmy Fallon” will continue to be broadcast from 12:35-1:35 a.m. (ET). The announcements were made by Jeff Gaspin, Chairman, NBC Universal Television Entertainment.

“We’re pleased that Jay is returning to host the franchise that he helmed brilliantly and successfully for many years,” said Gaspin. “He is an enormous talent, a consummate professional and one of the hardest-working performers on television.”