Late-night talk show host Jay Leno may soon be heading to retirement.

According to The Hollywood Reporter, NBC is looking to shake things up after the 2013-2014 television season. Sources said if the speculation of Leno's retirement is true, Jimmy Fallon will take over The Tonight Show.

"The more time Jimmy Kimmel is in that slot, the more the young audience goes that way, the harder it is for Jimmy [Fallon] to keep that audience ... Kimmel has done extremely well. Jay wins overall, but on any given night, it's neck-and-neck in 18-49. I understand where they might have fear and also feel that they own the solution (in Fallon)," a source said.

There is no expiration date on Leno's contract, but The Altantic Wire reported that Jimmy Kimmel, who recently dropped down into the highly competitive 11:35 timeslot at ABC, will steal the young audience away from Leno and NBC. The network wants to tap Jimmy Fallon to the 11:35 slot in order to stay with Kimmel.

Leno's Tonight still performs well for NBC, regularly against his late-night rivals. But Kimmel is competitive in the 18-49 demo. "Kimmel has done extremely well," a network member said, adding that he doesnt know of any planned Leno move. "Jay wins overall, but on any given night, it's neck-and-neck in 18-49. I understand where they might have fear and also feel that they own the solution [in Fallon.]"

Leno squashed retirement rumors and NBC claimed that they are fully supportive of the host.  But a news report claimed if Leno's Tonight show does not pick up ratings soon, the host is heading out sooner than later.

A Leno representative said, "We do not speculate on rumor." 

Comcast, which owns NBC, imposed layoffs at Tonight in August. At the time, Leno took a big pay-cut from his reported $30 million salary, to $20 million per year. "Jay's foremost concern was for the wonderful people who work for The Tonight Show. He did what was necessary to ensure their well-being," NBC said at the time. 

Tags: Jay Leno