A source from within CNN says that Seacrest, who has filled in for his friend Larry King in the past, is involved in "serious negotiations" to take over "Larry King Live" around year's end. King told The New York Times in April 2007 that Seacrest would be his first choice to take over the show when the time came.

"He's the classic generalist," King told the Times. "The only thing I don't know, and I've gotten to know him pretty well, is how versed he is in politics, world affairs. Does he read the paper? Is he interested in Iraq? Because if he is, he's going to be very good."