Sources say the 35-year-old British comedian will step in once the 52-year-old host's contract with CBS expires in December. Ferguson has hosted the late night talk show since January 2005, and announced his intent to leave in April.
"CBS and I are not getting divorced, we are 'consciously uncoupling,'" he quipped at the time. "But we will still spend holidays together and share custody of the fake horse and robot skeleton, both of whom we love very much."
Corden came to fame as the co-creater, co-writer and star of BBC sitcom Gavin & Stacey, and received the 2012 Tony Award for Best Actor in a Play for his performance in One Man, Two Guvnors. He recently appeared alongside Keira Knightley and Mark Ruffalo in Begin Again, and will star as the Baker in new Disney film Into the Woods.