Be prepared to stay up late with … Stephen Colbert!

The comedian and talk-show host will replace long time David Letterman on the “Late Show” when he retires next year, CBS announced today.

Colbert signed a 5-year deal to host the show. He currently hosts The Colbert Report – and is a darling of the political set for his deadpan delivery and smart interviews.

Colbert said the signing was beyond his wildest dreams.

“Simply being a guest on David Letterman’s show has been a highlight of my career. I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave’s lead … I’m thrilled and grateful that CBS chose me,” Colbert said.

He joked, “Now, if you’ll excuse me, I have to go grind a gap in my front teeth.”

Congratulations to @StephenAtHome #StephenColbert – a finer or funnier man I do not know.

— Jimmy Kimmel (@jimmykimmel) April 10, 2014

David Letterman – who announced his retirement this month – said the right replacement had been found. “Stephen has always been a real friend to me. I’m very excited for him, and I’m flattered that CBS chose him. I also happen to know they wanted another guy with glasses,” Letterman said. Colbert will retire his signature character, a faux-conservative talking head, the Wall Street Journal reported.

I’d like to welcome the great @StephenAtHome to network late night and also congratulate him on his new name: Jimmy Colbert.

— jimmy fallon (@jimmyfallon) April 10, 2014

Comedy Central released this statement: “Comedy Central is proud that the incredibly talented Stephen Colbert has been part of our family for nearly two decades. We look forward to the next eight months of the ground-breaking Colbert Report and wish Stephen the very best.”

Moments like Colbert’s hilarious, star-studded rendition of Daft Punk hit Get Lucky are no doubt part of the reason the playful political satirist was chosen. Watch the performance below:

Colbert Punk from kerry morrison on Vimeo.