O'Brien exit deal near, source says

LOS ANGELES –

NBC is nearing a deal with "Tonight" host Conan O'Brien to leave the network, freeing Jay Leno to reclaim the late-night show he hosted for 17 years.

According to Associated Press, a person familiar with the negotiations says top NBC Universal executives and representatives for O'Brien on Friday were close to settling details of his departure. The person, who did not have the authority to discuss the issue, spoke on condition of anonymity, AP said.

The person says Universal Studios president and COO Ron Meyer is among those involved in the talks.

The focus is on how much O'Brien, who has time left on his NBC contract, would be paid for leaving and what limits NBC may put on his future employment at another network.