The "Saturday Night Live" star and head writer is set to replace Jimmy Fallon as host of NBC's "Late Night" in 2014, the network announced Sunday.
Fallon is leaving the show then to succeed Jay Leno as "Tonight Show" host.
"I only have to work for Lorne [Michaels] for five more years before I pay him back for the time I totaled his car," Meyers said in a statement. "12:30 on NBC has long been incredible real estate. I hope I can do it justice."
Michaels is currently the executive producer of "Late Night With Jimmy Fallon" and will continue in that role for Meyers, according to CNN.
"Since 1982, there have been three 'Late Night' hosts starting with David Letterman, and Seth couldn't be in better company," Michaels said in a statement.
Meyers, 39, has been an "SNL" cast member for 12 seasons and the sketch comedy's head writer for eight of them. He's manned the "Weekend Update" desk for seven seasons, according to E! Online.
No premiere date was announced, although NBC has said Leno's exit and Fallon's debut will coincide with the network's Winter Olympics coverage in 2014.