The peacock ruffled Conan O’Brien’s feathers — and now he’s ready to fly the coop.

The “Tonight Show” host feels like the redheaded stepchild of late-night TV after NBC’s abrupt decision to cancel Jay Leno’s 10 p.m. experiment after just five months — and return the car-loving comic to O’Brien’s coveted 11:35 p.m. slot.

“This level of sh- – -iness was not expected,” one source said.

“He’s done a great job for NBC. He moved his entire staff, he moved his family to LA. And five months later, they repay him like this?”

As it stands now, the source said, “Conan would be happier somewhere else.”

The pompadoured host has “many options,” including a move to Fox, which for years has been looking to create its own late-night show.

In fact, he has already spoken with Fox, The Wall Street Journal’s Web site reported last night.

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NBC yesterday said Leno’s 10 p.m. talk show would end on Feb. 11, with the start of the Winter Olympics.

Network Chairman Jeff Gaspin confirmed that he was pushing a new late-night arrangement: Leno at 11:35 p.m., hosting a half-hour show, and Conan at 12:05 a.m. hosting the one-hour “The Tonight Show.”

Jimmy Fallon’s “Late Night” would then be pushed back to the remarkably late — or super early — hour of 1:05 a.m.

“My goal is to keep Jay, Conan and Jimmy as our late-night lineup,” Gaspin said.

He characterized the plan as a “compromise” that gives Leno what he wants — his old time slot back — and lets Conan keep the title of “Tonight Show” host.

“I hope and expect that before the Winter Olympics begin, we will have everything set,” Gaspin said.

“I can’t imagine we won’t have everything set by then.”

He added that all three hosts had been given the weekend to think about the changes.

But Conan, an insider said, “may not be operating on their timetable. He’s not going to be stampeded. This came out of the blue, and it will take him a while to figure out what’s best for him.”

O’Brien rep Leslee Dart last night said only that “Conan has made no decisions yet.”

The real-life soap opera involving NBC’s late-night personalities has been comic gold for others in the business.

NBC’s “Saturday Night Live” poked fun at the suits at 30 Rock during Seth Meyer’s “Weekend Update” segment.

“It was reported Thursday that in the wake of poor ratings for ‘The Jay Leno Show,’ NBC will move his show back to the 11:35 time slot, and then start Conan O’Brien’s ‘Tonight Show’ at midnight — though it’s a little weird to start ‘The Tonight Show’ at a time when it’s no longer ‘tonight,’ ” Meyers said.

Peacock executives have been fighting a losing, two-front war since giving O’Brien the “Tonight” job. Not only has Leno’s 10 p.m. show been weak, but CBS’s “Late Show with David Letterman” has consistently been beating O’Brien.

In the 10 p.m. slot, NBC had nothing in development worth investing the millions it would take to rush to the air. So it created a 10 p.m. show for Leno, without spending much money.

But “The Jay Leno Show” — while profitable — didn’t attract enough viewers to satisfy NBC affiliates left holding the bag with an ineffective lead-in to their 11 p.m. newscasts.

The news shows are usually the biggest moneymakers for local stations, and Gaspin said those affiliates demanded more traditional programs be put back in place.

“I would have liked nothing more than to give this a 52-week try,” said Gaspin, who insisted that Leno eventually would have been a hit at 10 p.m.

“I think, over time, it would have started to grow.”

Gaspin said he feared more than a handful of affiliates were going to revolt by either dumping “Leno” or going public with complaints.

“I asked them [the affiliates] how many are they talking about, because I could have lived with one or two. But I got the sense that it was more than one or two,” he said.

Comedy legend — and close Leno pal — Jerry Seinfeld took the side of NBC and Leno.

“What did the network do to Conan? I don’t think anyone’s preventing people from watching Conan,” he said during an appearance to hype his new NBC show, “The Marriage Ref.”

Gaspin pledged that the network was going “back to basics” and would fill the 10 p.m. hour with dramas, including a new version of “Law & Order,” set in LA. (See TV, Page 79.)

With David K. Li in New York and Post Wire Services