VIDEO: Jimmy Fallon Tells Jay Leno 'I Hope I Make You Proud' on TODAY

In an exclusive interview which aired on this morning's TODAY on NBC, Jimmy Fallon and Jay Leno spoke to Matt Lauer about the upcoming 'Tonight Show' transition in which Fallon will take over the reins of the long-running late night talker.

During the interview, Leno told Matt that he is ready to retire - this time for good. "Of course. Yes, yes. Please. No problem." He continues, "I mean, this time, I was asked. The last time I was sort of told, 'This is what's happening.' If he wasn't here, would I still be here? Probably another year or so."

Asked if he believes he will miss the show he has hosted since 1992, Leno replied, "Of course I'll miss the show. You know, everybody thinks, 'Oh, are you going to do another late-night show?' No, I'm not."

Fallon will take over hosting duties of "The Tonight Show" on Feb. 17. Leno compares the SNL alum's talents to that of legendary host Johnny Carson. "I think he's probably the closest to Johnny of anybody else in late night," Leno said. "When I watch him do, you know, a duet with Justin Timberlake or something of that nature I go, 'Well, I can't do that. I mean, I write jokes.'"

Fallon praised Leno for his support and guidance through the transition period, commenting, "Obviously I look up to Jay, and so we talk every couple weeks or something like that."I just love his attention to detail and how he roots for me all throughout late night. You know, whatever - he'll give advice if I ask advice, or he'll say, 'I saw that one piece, that was great.'"

Ultimately, Fallon hopes to fufill one goal when he takes over for Leno, telling his predecessor, I hope I make you proud."

Photo: Christ Haston/NBC