Uh oh, there are rumblings on the interwebs of a huge shakeup coming at NBC. Apparently the network is finally realizing that putting Jay Leno on at 10 p.m. five nights a week is a disaster, and the show will be yanked.

TMZ.com (wow, what a sad world when they’re a reliable source) is saying Leno will go off the air Feb. 1, and take over his old 11:30 p.m. timeslot after the Winter Olympics. That would bump Conan O’Brien . . . . where? Off the air? Or after Leno? (Which would put Jimmy Fallon in limbo too.)

Meanwhile, The Daily Beast is reporting that NBC will announce the move — or at least a move — to revamp the struggling show on Sunday, when it announces its mid-season lineup.

UPDATE: Now the New York Times (whew, slightly more reputable than TMZ) is reporting that NBC will pull the plug on Leno’s 10 p.m. show and move him  to a half-hour show at 11:35, bumping Conan’s hourlong show back to 12:05, with Fallon at 1:05. This would all start at the end of February, after the Olympics.

For those who haven’t been paying attention, Leno has been getting miserable ratings at 10, dragging down local newscasts’ ratings (so the affiliates are angry), and Conan has been getting regularly trounced in the ratings by Letterman. And Comcast is trying to buy NBC, and has been rumored to be in favor of dumping Leno and putting dramas back at the 10 p.m. timeslot so they could, you know, lure some viewers and make some money.

Verrrrry interesting. Expect more news to come (be leaked) in the coming days/hours.