"Jay Leno is taking back his 11:35pm time slot It seems like NBC's late-night drama has both ended and began anew, perhaps. TMZ is reporting that NBC has finalized a deal for Jay Leno to return to host The Tonight Show, which means Conan O'Brien is out. Here are the few details the site has posted.

As we first reported, under the contract Jay had been working under, he was guaranteed the 10 PM hour. By moving him to 11:35, NBC was in breach of his contract and needed to negotiate a new deal. That is now done, sources tell TMZ.

So Conan O'Brien is out, and Jay is restored.

O'Brien made a public and highly-publicized statement on the whole debacle just two days ago. Of course, this story hasn't been confirmed by the network, so we'll be sure to keep you posted with any further breaking news coming out of NBC.

UPDATE: (1/14/10 2:45 PM PST) A new story from The Hollywood Reporter claims that NBC is denying that any deal has been struck between the network and Jay Leno.

Again, we'll keep you posted as soon as we have more word on the situation.