David Letterman announced last Thursday that he will soon retire as host of CBS' 'Late Show' and ever since, the Internet has been rampant with speculation about a replacement. Looks like Stephen Colbert is CBS' top choice to replace Letterman when the time comes, although no formal contract discussions have taken place.

Apparently, Colbert first engaged the network while Letterman was still mulling the time of his retirement. CBS has had other conversations with other people, including Colbert's Comedy Central friend Jon Stewart, but people close to the situation say that Colbert is currently the front-and-center candidate.

Colbert's contract to host The Colbert Report on Comedy Central expires at the end of 2014, which means that he would be free to jump over the CBS after Letterman calls it quits on his 33-year long run in late-night TV. Letterman has yet to announce a specific date for his retirement.

Money will be a factor as the gap between a potential network payday and a Comedy Central salary has narrowed. At CBS, Colbert would also need to kick it with lots of cool celebrities.

Other potential picks that have been thrown into the ring are Doogie Howser, Ellen DeGeneres, Chris Rock and Chelsea Handler, oh yeah, and Craig Ferguson.

Luckily for Comedy Central, the Daily Show is its flagship program. Wonder if Suey Park is tweeting #CancelLateShow somewhere?