Update: Jimmy Fallon hit the Today show, where he confirmed he won’t be taking on Oscar host duties. He told co-host Matt Lauer, “No, I’m not going to do the Oscars. It’s an honor to be asked by the academy, but it’s not my year.” Check out the original story below.

His days of SNL corpsing long behind him, Jimmy Fallon since became one of the more successful, affable late night talk show hosts we have today. (Even though this is a world with Jay Leno, where the competition can only be much less severe.) It’s only been about three years since he started holding that job — his previous career proceeded by, again, years of being the person who ruins skits — but all his work in that field might soon pay off in a big way.

The LA Times have learned that Fallon and his old SNL boss, Lorne Michaels, are in talks with The Academy of Motion Picture Arts and Sciences to host and produce, respectively, next year’s Academy Awards ceremony. (One of the academy’s spokespeople claim no such thing is happening; three sources report to the contrary.) Given his age, level of celebrity, and participation in Taxi, it’s an unusual choice to begin with, one which some inside baseball factors make it all the more interesting.

With Fallon and Michaels‘ standings as NBC mainstays, it’s unsurprising to hear ABC have “raised objections,” whatever that might entail, to this choice. Regardless, the network “does not have veto power over whom the academy selects as producer or host” — they’re a provider, not the ultimate decider — and that really means something.

Some other, similar factors should (with any luck) get cleared up over the next few days and make the decision easier, but, as of right now, I have no problem with the pick. Everyone knows an Oscar host stands out most during the opening skit and ensuing monologue, while the rest of the show is up the subsequent presenters, performers, and actors giving over-important speeches; Fallon can deliver jokes pretty well, so what’s the risk? Better him than Billy Crystal.

Would Fallon work as the Oscar host?