Matt Lauer, The Today Show Matt Lauer, The Today Show

Not so fast, Seacrest.

Matt Lauer has signed a new multiyear deal to stay on as co-host of NBC's Today, The New York Times reports.

The new contract ends months of rumors that Lauer, 54, might leave the program to join former co-host Katie Couric on her upcoming daytime show or that he may be replaced with the younger American Idol host Ryan Seacrest.

Matt Lauer and Ryan Seacrest address Today host replacement rumors

"Matt is the franchise, and our franchise player has decided to keep leading our team," NBC News President Steve Capus told the Times. "We're just thrilled to have his considerable skills for many more years."

Lauer's new deal is set to be announced on Today Friday. Terms of the contract, such as the number of years Lauer has signed on for, have not been revealed. He has been co-anchor since 1997.

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"Matt always said he would only continue if he could be all-in," Capus told the newspaper. "The all-in factor was really key. This is a demanding job with a demanding schedule. For him it was a question of lifestyle. As his family is getting older he wants to be able to spend more time with them."

When Seacrest appeared as a guest on Today Wednesday to announce his involvement in NBC's Olympics coverage, Lauer jokingly grilled about him about the possibility of him joining the morning program. "I'm going to deal with this the way I would deal with anybody I'm interviewing, and I'll ask direct questions," Lauer said. "What kind of conversations have you had with NBC about joining the Today Show?"

Are you glad Lauer is sticking with Today?