Stephen Colbert will take over for David Letterman as host of the Late Show

CBS has confirmed that Colbert Report host Stephen Colbert will be replacing David Letterman when he retires from his post as host of Late Night.

Stephen was thrilled by the news, noting in a statement that, “Simply being a guest on David Letterman’s show has been a highlight of my career. I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave's lead.”

The political satirist has been host of his own eponymous late-night show since 2005, but he wasn’t the only name circulating for the coveted Late Show honour - How I Met Your Mother’s Neil Patrick Harris and Chelsea Lately host Chelsea Handler were both rumoured to be up for the gig.

David has had the coveted job for more than 20 years, and announced on April 3 that he would be stepping down – the day after an exceptionally entertaining ‘Late Show’ episode featuring Lady Gaga, Bill Murray and a bucket list.

More: From Madonna to Richard Simmons: 5 of our favourite ‘Late Show’ moments

Stephen reports that once the torch is in his hands he will not be doing the show in his famed neo-Conservative character, and to show just how much he owes to David, he gleefully proclaimed, "Now if you’ll excuse me, I have to go grind a gap in my front teeth.”

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