Jay Leno, Conan O'Brien

Jay Leno will trade laughs and perhaps share words of wisdom with his final Tonight Show guest — Conan O'Brien.

The outgoing Tonight Show host announced during a conference call Thursday that he will wrap up his 17-year run on May 29 with his successor, O'Brien, in the guest seat. O'Brien will take over Tonight on June 1.

"I'm glad that it's going to be Conan," Leno said. "It couldn't go to a better person. I mean, he's the guy and we're friends and it's a really smooth transition and I think it will be a lot of fun."

O'Brien will wrap up a week of big-name guests on Leno's final five episodes, beginning on May 25. Mel Gibson, Arnold Schwarzenegger, Billy Crystal and new mom Wanda Sykes will drop by earlier in the week.

Leno heads to prime-time in the fall with a new comedy show.

Follow TVGuide.com on Twitter for more breaking news and scoop.