It was said that The Jay Leno Show would go on hiatus on February 1, due to NBC's Olympic coverage and after the Olympics, Leno would return to the 11:30 PM timeslot. Apparently NBC execs are trying to decide whether Leno's show would be cut down to a half-hour show, in which case The Tonight Show with Conan O'Brien would air in the other half-hour, or if Leno's show would run the full hour, which would likely result in the network dropping O'Brien.
Of course, nothing has been confirmed by the network as of yet. We'll be sure to keep you informed on this late-night scenario as soon as we have more information.