Confirmed: Piers Morgan Tapped to Replace Larry King

Makes a deal with the news network; would remain on “America's Got Talent”

EXCLUSIVE UPDATE 

Piers Morgan is Larry King's replacement as the host of CNN's 9 p.m. hour.  

An individual close to talks between the network and the British journalist and judge on NBC's "America's Got Talent," confirmed the move to TheWrap Friday. An official announcement will come within the next two weeks. 

CNN has made an offer to Morgan, but the ink is not yet dry on his contract. The individual said both sides were getting along well and are expected to finalize the deal shortly.

The show would tape in both Los Angeles and New York, the individual said.

Morgan initiated the conversations with CNN, but his contract with NBC's "Talent" had been preventing him from making a deal with CNN. Wednesday, Morgan told Jay Leno that he had a new deal with NBC, but he was coy about whether that meant he was going to CNN.

At the annual TCA summer press tour Friday NBC Universal Television Entertainment chairman Jeff Gaspin confirmed to TheWrap that the company signed a new contract to share Morgan with CNN.

"We have relaxed his exclusivity and allowed him to talk to CNN … He remains in first position with us," Gaspin said.

When asked about Gaspin's comments Friday, a CNN spokesperson initially told TheWrap that the network was "declining to comment until we have something to announce."