The veteran news broadcaster, who became co-host of the show in 1997, is expected to announce that he has signed a contract extension tomorrow (Friday, April 6). However, NBC News president Steve Capus confirmed the news to the New York Times in a telephone interview on Thursday evening (April 5).
"Matt is the franchise, and our franchise player has decided to keep leading our team," Capus said.
"We're just thrilled to have his considerable skills for many more years."
Capus added that negotiations were fairly straightforward, but noted that Lauer had expressed a desire to spend more time with his family.
TMZ has additionally claimed that Lauer will almost double his existing salary and that Ann Curry's continued position on the show is not guaranteed, suggesting that she could be replaced with Savannah Guthrie.
It was recently confirmed that Ryan Seacrest will cover the London 2012 Olympic games for NBC.