updated 04/05/2012 AT 7:00 PM ET
•originally published 04/05/2012 AT 8:00 PM ET
A rep for NBC confirms to PEOPLE that Lauer, 54, has signed a new long-term contract with NBC News as co-anchor of the Today show.
Lauer will make the official announcement on NBC’s Today show Friday morning.
On Wednesday, Seacrest announced plans to participate in NBC’s primetime coverage of the Summer Olympics.