Fallon will likely debut as host in June 2009, when current host Conan O'Brien is scheduled to replace Jay Leno on The Tonight Show.
"Jimmy is more than just a likeable guy and a great comedian, he is genuinely interested in what people have to say," Ben Silverman, co-chair of NBC Entertainment and Universal Media Studios said at a press conference in NYC.
The actor and Saturday Night Live alum was chosen by Lorne Michaels, who executive produces SNL.
When Fallon, 33, inherits Late Night, he'll be four years older than O'Brien was when he took over from David Letterman in 1993.
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Will you tune in to Jimmy Fallon's first night as host of Late Night?
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