Rumors that Meyers would take the job have been floating since March, when the New York Post said Lorne Michaels, the executive producer of both "Saturday Night Live" and "Late Night," felt that the 39-year-old comedian, writer and actor would be a "perfect" replacement.
"I only have to work for Lorne for five more years before I pay him back for the time I totaled his car," Meyers said in a statement. "12:30 on NBC has long been incredible real estate. I hope I can do it justice."
Meyers has been a "Saturday Night Live" cast member for 12 seasons, and served as head writer for eight of those. He has also hosts the sketch show's popular news segment, "Weekend Update."
“We think Seth is one of the brightest, most insightful comedy writers and performers of his generation,” NBC entertainment chairman Bob Greenblatt said.
Greenblatt added that Meyers' work on "Weekend Update" helped Meyer snag the "Late Night" gig.
“[Meyers'] years at SNL‘s Weekend Update desk, not to mention being head writer of the show for many seasons, helped him hone a topical brand of comedy that is perfect for the Late Night franchise," he said.
Sources told Entertainment Weekly that Meyers will continue to work on "SNL" this fall, but could debut as "Late Night" host during or after the Winter Olympics.
Meyers told the New York Times that he didn't "want to make any broad pronouncements about how the show is going to be, whether it’s going to be the same or different."
“But I have to draw on my background in improvisational comedy and sketch comedy and stand-up comedy and try to find some mix of that,” he said.
Meyers also said he hoped to bring some aspects of "Weekend Update" to "Late Night," including "a company of writer-performer hybrids who can come on and do stuff on the show."
Notable deaths of 2014 [PHOTOS]