The Late Night presenter, who spent six seasons on Saturday Night Live, told Zap2it that he is very excited to host the NBC sketch comedy series for the first time this weekend.
"It's like a dream come true. I've always wanted to host Saturday Night Live. It's an honour," Fallon told the website.
He continued: "You hopefully have a great cast, which is what they have there, so I'm very psyched about getting to play with them… I heard it might be Kristen Wiig's last season, so I'm really excited to work with her.
"They've got some new people who are great as well, Taran [Killam] and Bobby [Moynihan] and Nasim [Pedrad]. And of course, there's Andy Samberg, and there's Fred [Armisen], who was in the cast when I was on the show. And Seth Meyers, who's now the head writer, was just a featured player when I was there."
Fallon added that it's a joy to be working on Late Night and Saturday Night Live in New York City as Christmas nears.
"Everyone's in a good mood, New York is so exciting during the holidays, and they are ready to skewer and satirise as much as they possibly can," the comic explained.
Fallon and musical guest Michael Buble appear on this weekend's edition of Saturday Night Live, which airs at 11.30/10.30c on NBC.
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Watch Jimmy Fallon in a festive Saturday Night Live sketch below (US only):