The media company was expected to announce Thursday that it will sell much of the 34 acres it owns in Burbank, including NBC Studios, and move to new headquarters in 2011, the Los Angeles Times reported.
"'The Tonight Show' put us on the map," Burbank Mayor Marsha Ramo told the Times. "Without that line from Johnny Carson, about 'beautiful downtown Burbank,' most people wouldn't even know that we exist. When 'The Tonight Show' leaves, there will be a portion of our heart that will be empty."
NBC Universal said it is negotiating with an unidentified buyer.
The new "green" facility will be next to the 101 Freeway and have high-definition news headquarters. It is planned to house NBC News' West Coast operations and the local news staffs of KNBC and Telemundo KVEA-TV Channel 52.
NBC's syndicated entertainment show "Access Hollywood" would also be located there.
The sale of the Burbank property is necessary in part to pay for the elaborate new facility, the Times said.