By Katie Davies, Daily Mail Reporter and Associated Press PUBLISHED: 12:19 EST, 3 April 2013 | UPDATED: 07:03 EST, 4 April 2013 New 'Tonight Show' host Jimmy Fallon will more than double his multi-million dollar salary when he takes over from outgoing host Jay Leno next year on the top-rated NBC show. Industry insiders predict that Fallon will see the $5 million he gets for fronting 'The Late Show' boosted to $12 million when he goes head-to-head with CBS' David Letterman and ABC's Jimmy Kimmel in February. Even though that is three million less than the $15 million Leno reportedly takes home, it still represents a massive show of faith in Fallon, who has been working late night television for less than five years.
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The transition will take place following next year's Winter Olympics
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Move occurred with Leno's blessing, unlike when he was temporarily ousted by Conan O'Brien
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'This time it feels right' Leno said
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Show will also move from Los Angeles to New York, where it originally started
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