Letterman announced his intent to retire on Thursday after over twenty years on the Late Show with David Letterman. No specific date has been set for the host's departure, but it will most likely be some time in 2015.
Sources familiar with Letterman and Colbert tell Mashable that the Colbert Report host is at the top of the CBS list to replace Letterman. No formal agreement has taken place, but insiders say Colbert spoke to network executives while Letterman was deciding when he should retire.
Colbert is under contract at Comedy Central until the end of 2014. Sources say the host would leave behind the conservative persona he assumes for Colbert Report if chosen to replace Letterman. Other candidates are rumored to include John Stewart, Neil Patrick Harris and Craig Ferguson.
"I just want to reiterate my thanks," Letterman said in his announcement. "[To] the network, all of the people who have worked here, all of the people in the theater...everybody at home, thank you very much."
2014: The Year in Music [PHOTOS]