Stephen Colbert will be filling some big shoes, as the next host of "The Late Show."

The New York Daily News reported that CBS announced on Thursday that the current host of "The Colbert Report" will take over for host David Letterman when he retires in 2015. After hosting the program for 21 years, Letterman made his retirement announcement in early April.

"Stephen Colbert is one of the most inventive and respected forces on television," Leslie Moonves, CBS president and CEO Leslie Moonves said in a statement. "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."

Nina Tassler, chairman of CBS Entertainment, said in a statement that "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. 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."

The 49-year-old signed a five-year deal with CBS. Colbert's contract for his Emmy-Winning Comedy Central show expires at the end of the year. Since 2005, Colbert has been known for winning his over audiences with his humorous conservative persona and critiques of the news.

Several sources stated that Colbert was the top choice to replace Letterman.

"Simply being a guest on David Letterman's show has been a highlight of my career," Colbert said in a statement. "I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave's lead. 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."

Colbert told ABC News that he will no longer use his alter ego for his new role, stating: "I won't be doing the new show in character, so we'll all get to find out how much of him was me. I'm looking forward to it."