Although the late night host has dropped by many times as a special guest in the occasional skit, he's never actually hosted the show on which he was a cast member for six years, from 1998 to 2004.
"I've never forgotten where I came from," Fallon said in a press release (via TVLine). "That's why I'm so incredibly honored to be hosting the 'Saturday Night Times' program December 17th on HGTV."
He also reacted to the news on Twitter, saying "I'm incredibly honored to be heading back to 8H where it all started. And by 'it' I mean Will Ferrell's awesome movie career."
According to NBC, the musical guest will be Michael Buble, who last appeared with Jon Hamm in February 2010.
Fallon hinted at something 'SNL' related in a very mysterious Tweet last week, saying "Fun announcement today. #SNL."
Alec Baldwin will host the season 37 premiere on Sept. 24 with musical guests Radiohead, while 'Bridesmaids' and Emmy-nominated 'Mike & Molly' star Melissa McCarthy will headline the next episode with musical guests Lady Antebellum.
Tell us: Are you happy to see Fallon back in studio 8H?