TMZ claims that NBC is moving Jay Leno back to his original 11:30 time slot after the Olympics in February. This afternoon the site posted the following:

“We’ve learned Jay’s 10:00 PM show will go on hiatus February 1. After the Olympics, Jay will take back his 11:30 PM time slot. What has not been decided — whether Jay’s show will be a half hour, followed by Conan, or whether Jay’s show will be an hour and NBC says sayonara to Mr. O’Brien.

We’re told Jay and Conan have both been told of the changes. As for Jay, interestingly, he’ll get what he always wanted — his 11:30 PM time slot.”

The story comes on the heels of a report that NBC was going to cancel The jay Leno Show and leave Jay out in the cold. The network (sort of) came to Jay’s defense, saying,”Jay Leno is one of the most compelling entertainers in the world today.” They added, “As we have said all along, Jay’s show has performed exactly as we anticipated on the network. It has, however, presented some issues for our affiliates. Both Jay and the show are committed to working closely with them to find ways to improve the performance.”

FTVLive.com, citing unnamed sources, reported NBC officials had decided to end the show and were trying to decide whether to pull the plug after the Olympics or stick with it while they assess what shows might replace it next season.

If TMZ’s report is true (they were the ones who broke the story about Michael Jackson’s death, so they have proven themselves, at least once) it might mean Conan O’Brien will be the one left without a job. Though that seems unlikely since his ratings have been solid. Guess we’ll find out one way or another in February.