Just one week after David Letterman announced his upcoming 2015 retirement from ‘The Late Show’ a replacement has already been announced.

Stephen Colbert from Comedy Central will be taking David Letterman's spot on CBS's Late Night.

Insiders say Colbert will be making between $10-12 million dollars annually and signed a five year deal.

The network will set his premiere date once the date of Letterman's final broadcast is set.