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Matt Lauer Signs New Deal with Today

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Matt Lauer may have joked around that Ryan Seacrest was out to replace him, but it turns out the Today show host isn’t going anywhere for a while.

A rep for NBC confirms to PEOPLE that Lauer, 54, has signed a new long-term contract with NBC News as co-anchor of the Today show.

Lauer will make the official announcement on NBC’s Today show Friday morning.

On Wednesday, Seacrest announced plans to participate in NBC’s primetime coverage of the Summer Olympics.