The Wall Street Journal on Tuesday reported that Conan O'Brien is near to signing a nearly $40 million deal to formally quitting from his job hosting NBC's "The Tonight Show," in a new step that will also award severance pay to his employees.

"Obviously, in hindsight, you know, perfect information leads you to that conclusion -- that it was a mistake", Zucker told Rose. "And I think it's the sign of a leader to step up and say, you know, when something's not working, to have the guts to reverse it".

The fiercely negotiated deal, will grant O'Brien $32.5 million to go on garden leave until September. This would spare him from convening any other TV shows if he pockets the cash. However, it will give him an option to sign other deals.

While, the rest $7.5 million will go in severance pay to about 200 of Conan's "Tonight Show" employees soon after they came up with their rage because of the prospect of going penniless, reports said.

O'Brien decided to leave NBC after executives said they would push his show to a slot after midnight (EST) in favor of the Jay Leno Show.

His exit deal is expected to be done away with it completely most probably by Tuesday which will prevent O'Brien from bad-mouthing his former NBC bosses.

The news of the deal was unveiled to the public after Leno tried to defend him, explaining his side of the dispute with NBC during the monologue of his soon-to-be cancelled 10 p. m. show.