Today cast (from left): Natalie Morales, Matt Lauer, Ann Curry and Al Roker
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
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.