NBC confirms a deal has been signed for Conan O'Brien's exit, it was announced on the Today show. "It is now official," said Meredith Vieira this morning.

In a report, NBC said it is a $45 million deal, with about $12 million of that going to staff severance pay. It was also noted that intellectual properties, such as Triumph, the Insult Comic Dog, will not go with O'Brien when he leaves. He's allowed to return to the air elsewhere no sooner than Sept. 1.

A formal announcement will be made later today.

"In the end, Conan was appreciative of the steps NBC made to take care of his staff and crew, and decided to supplement the severance they were getting out of his own pocket," Gavin Polone, O'Brien's manager told The Wrap. "Now he just wants to get back on the air as quickly as possible."

Look for Tom Hanks and Will Ferrell - Conan's first guest on The Tonight Show - to appear on Friday's farewell show. As O'Brien, 46, said at the top of Tuesday's show: "Hi, I'm Conan O'Brien, and I'm just three days away from the biggest drinking binge in history."