Jay Leno On Handing 'Tonight Show' To Jimmy Fallon: 'No Problem'

In a joint interview on "Today," Jay Leno and Jimmy Fallon gushed about each other's talent. And the current "Tonight Show" host said he's ready to cede his desk to his successor, who will debut as the new host on Feb. 17.

"Of course," Leno told Matt Lauer about whether he was OK with stepping down. "No problem."

The 63-year-old comedian is nearly a quarter century older than "Late Night" host Fallon, and he acknowledged that it was time to make way. Even if NBC hadn't made the move, Leno said he would've retired "probably in another year or so."

The two are part of a mutual admiration society, with Leno even comparing Fallon to his own predecessor, the legendary Johnny Carson.

"I think he's probably the closest to Johnny of anybody else in late night," Leno said. “When I watch him do, you know, a duet with Justin Timberlake or something of that nature I go, 'Well, I can't do that. I mean, I write jokes.'"

Meanwhile, Fallon raved that Leno is "one of the best comedians out there."

It's a far cry from five years ago, when Leno was supposed to hand off "The Tonight Show" to Conan O’Brien. At the time, Leno was clearly disgruntled to be pushed out (despite the fact that the transition was years in the making), and NBC appeased him by creating a daily primetime show for him.

When O’Brien's show began to slide in the ratings, NBC brought back Leno. An ousted O’Brien became a cause célèbre and eventually landed on a late night show on TBS. The entire debacle harkened back to the first late night war, when Leno first took over "The Tonight Show" instead of anticipated successor (and Carson fave) David Letterman.

Now, though, Leno said he's at peace with Fallon taking over because "this time, I was asked."

And with Fallon's ascendance comes a new world order among late night hosts. With Leno's departure goes the acrimony from previous battles.

"I don't think for me. I don't think there's ever going to be anything tense,” Fallon said of possible tension with other late night hosts.

That prompted a coughing fit from Leno. "Tense? Ridiculous," he said.

The affable Fallon just wants peace with everybody — including his predecessor.

"I hope I make you proud," he told Leno.

Leno closes his two-decade run as host of "The Tonight Show" on Feb. 6. On Feb. 17, Fallon debuts a week's worth of shows at midnight following NBC's coverage of the Winter Olympics.