Hmmm, I don't know if he can carry off being a host. He belongs in sketch comedy or comedic movies. Here's a snippet of the NY Times article:
"NBC may be quietly looking to put some possible late-night reinforcements in place for its big transition two years from now when Conan O’Brien replaces Jay Leno as host of “The Tonight Show.”
One move is expected to involve signing Jimmy Fallon, a former star of NBC’s “Saturday Night Live,” to what is known as a holding deal. It would bring him back to the network and put him in position to be a prime contender for Mr. O’Brien’s job as host of NBC’s “Late Night” show, at 12:35 a.m."