The deal is almost done. NBC will shell out approximately $40 million to end its relationship with Conan O'Brien, the New York Times is reporting.
Most but not all of the cash is going to Conan. A portion will go to pay off contracts of some key staffers.
The deal will also allow Conan to return to TV on a competing network no later than September.
NBC is expected to make an official announcement on the deal immediately after the ink is dry.
Conan's last broadcast is expected to be Friday. Jay Leno will move back into his old late night slot after NBC's Olympic coverage ends in early March.