Following legendary late-night host David Letterman's announcement that he will be retiring as host of the Late Show next year, CBS announced Tuesday that Stephen Colbert has been chosen to take his place.

Letterman has been the host of the show since August 1993 and announced to his audience on April 3 that he would be retiring when his contract ended next year, according to NBC News' Today.

Colbert first gained notoriety while working as a correspondent for The Daily Show with Jon Stewart before Comedy Central gave him his own television show to host in 2005 with The Colbert Report.

Time Magazine reported that Colbert was rumored to be CBS's top choice as the replacement.

"Stephen Colbert is one of the most inventive and respected forces on television," CBS president and Chief Executive Leslie Moonves said in a statement. "David Letterman's legacy and accomplishments are an incredible source of pride for all of us here, and today's announcement speaks to our commitment of upholding what he established for CBS in late night."

Colbert is known for playing a conservative pundit on his show, which follows Stewart's show Monday through Thursday night, and almost never breaks character in public, according to Time.

"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," Colbert said in a statement. "I'm thrilled and grateful that CBS chose me. Now, if you'll excuse me, I have to go grind my gape in my front teeth."

Colbert told ABC News that he would be drop his caricature act as a right-winger when he switches to the Late Show.

"I won't be doing the new show in character, so we'll all get to find out how much of him was me," said the 49-year-old Emmy-winner. "I'm looking forward to it."