Stephen Colbert will replace David Letterman as CBS' "Late Show" host after his retirement. Colbert signed a five-year agreement with CBS. The "Colbert Report" staff will move with Stephen Colbert to the "Late Show."

After a week's worth of speculation, CBS announced this morning that Stephen Colbert will take over for David Letterman when the host of the "Late Show" retires next year. According to an official announcement Colbert has a new five-year deal with CBS, The Wire reports.

"Stephen Colbert is one of the most inventive and respected forces on television,"  CBS Corp. CEO Les Moonves said, Entertainment Weekly reports. "David Letterman's legacy and accomplishments are an incredible source of pride for all of us here, and today's announcement speaks to our commitment of upholding what he established for CBS in late night."

"I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave's lead," Colbert said in a statement via Entertainment Weekly. "I'm thrilled and grateful that CBS chose me. Now, if you'll excuse me, I have to go grind a gap in my front teeth."

Sources say Colbert made his announcement to his "Colbert Report" staff a couple hours ago and told his team they will move to CBS to work with him on his new show, the publication reports.

Letterman, the longest-serving late-night TV host, announced his retirement on April 3. Colbert's premiere date will be announced after Letterman schedules his final broadcast in 2015.

"Stephen is a multi-talented and respected host, writer, producer, satirist and comedian who blazes a trail of thought-provoking conversation, humor and innovation with everything he touches," CBS Entertainment chairman Nina Tassler said. "He is a presence on every stage, with interests and notable accomplishments across a wide spectrum of entertainment, politics, publishing and music. We welcome Stephen to CBS with great pride and excitement, and look forward to introducing him to our network television viewers in late night."