Matt Lauer Signs New Deal with Today

Matt Lauer Signs Deal with Today Show
Today cast (from left): Natalie Morales, Matt Lauer, Ann Curry and Al Roker
NBC News

04/05/2012 AT 08:00 PM EDT

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.
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