"NBC and Conan O'Brien have reached a resolution of the issues surrounding O'Brien's contract to host 'The Tonight Show with Conan O'Brien,' " NBC said in a statement.

"Under terms of an agreement that was signed earlier today, NBC and O'Brien will settle their contractual obligations and the network will release O'Brien from his contract, freeing him to pursue other opportunities after September 1, 2010."

O'Brien will make his final appearance as host of "The Tonight Show" on Friday.

Leno will return as host of "The Tonight Show" on March 1, the network said in a separate statement.

"We're pleased that Jay is returning to host the franchise that he helmed brilliantly and successfully for many years," said Jeff Gaspin, chairman of NBC Universal Television Entertainment. "He is an enormous talent, a consummate professional and one of the hardest-working performers on television."

Source ----> http://www.cnn.com/2010/SHOWBIZ/TV/01/21/conan.nbc.deal/index.html