Matt Lauer Announces He's Staying on Today
04/06/2012 AT 07:15 AM EDT
The NBC morning host first joked that he was developing a new show in which viewers could tune in every day and "see the host lose a little bit more of his hair." Failing that, Lauer said, "This is my family, this is my show ... let's keep going."
His co-host Ann Curry and weatherman Al Roker applauded, and Curry called his announcement "a huge bit of great news."
On the show earlier this week, Lauer, 54, kidded Ryan Seacrest, 37, amid swirling rumors that the American Idol and E! Channel host was being positioned by NBC to replace Lauer.
Seacrest, who will assist with NBC Summer Olympics coverage, said he might not join Today for years, until Lauer retires.
Lauer's contract is reported to be long-term, and financial terms were not disclosed. Still, NBC News president Steve Capus told The New York Times that the $25 million figure that's been suggested in news stories was "complete silliness."