Stephen Colbert is replacing David Letterman as host of the Late Show, it has been confirmed.

The broadcaster, who is best known for fronting Comedy Central's satirical news show The Colbert Report, will take over from Letterman in 2015, CBS has announced.

Colbert has signed a five-year-deal with the network. His premiere date for hosting the Late Show has not yet been confirmed.

CBS boss Les Moonves commented: "Stephen Colbert is one of the most inventive and respected forces on television.

"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 added: "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."

Previous famous names that were suggested to replace Letterman include Neil Patrick Harris, Chelsea Handler and Craig Ferguson.