After being rejected in favour of Tracy Morgan following his first audition for NBC's late night comedy series, Fallon was eventually hired and soon took over the coveted position of 'Weekend Update' co-anchor with Tina Fey in 2000.
While appearing in a panel discussion at LA's 'PaleyFest', the comic likened his being hired by SNL producer Lorne Michaels to the stylised moments of youthful glory depicted on the TV drama The Wonder Years.
"[Joining SNL] was a Wonder Years moment," he said. "Everything was in sepia tone."
Despite making a series of cameo appearances on SNL since leaving the show in 2004, Fallon has yet to formally return as a guest host, although he hinted that a hosting stint might occur in the near future.
"Maybe next season," the comic teased.
Earlier this week, Fallon explained that he was proud to be celebrating his two-year anniversary as host of Late Night.
Late Night With Jimmy Fallon airs weeknights at 12:37am/11:37pm on NBC, while SNL is broadcast Saturdays at 11:30pm ET/10:30pm CT.