The development is believed to be an offshoot of NBC being acquired by Comcast and exes there demanding that everything at the network be streamlined, reports Deadline.
Before you feel too sorry for Leno, his salary is reportedly still in the range of $20 to $25 million a year. He also brings in estimated additional $15 million a year from other appearances.
Even with severely declining network viewership, 'The Tonight Show with Jay Leno' remains the top-rated late night chat show and an advertising can cow, but with an aging audience.
ABC's Jimmy Kimmel Live!, and Comedy Central's The Daily Show with Jon Stewart and The Colbert Report have siphoned off the younger crowd.