Jimmy Fallon on Oscar-hosting rumors: I'm not going to do it

Despite buzz to the contrary, "Late Night" host Jimmy Fallon won't follow in the footsteps of Billy Crystal, Steve Martin and Jon Stewart by hosting Hollywood's biggest annual event. During a Wednesday morning visit to TODAY in London, Fallon, the entertainer many considered perfect for the Academy Awards role, set the record straight about those rumors and revealed what's keeping him busy now.

"No, I'm not going to do the Oscars," Fallon told TODAY's Matt Lauer. "It's an honor to be asked by the Academy, but it's not my year."

Without the big red carpet gig to concern himself with, the funnyman is content to simply sit back and enjoy his current interest -- all things Olympics.

"I love London," Fallon said in his best British accent. "They're doing the Olympics great. I see it right from my hotel TV!"

Not that his Olympic adventures have been limited to the boob tube. It just so happens he's had the opportunity to see the emotional action up close.

"I went to an event -- I went to track and field," he said. "It's unbelievable; it's thrilling. I'm trying not to cry, to be honest. I'm one of the emotional people. They're running, they're pole vaulting for their county and they get up for the medals ceremony.... It's like watching those ASPCA commercials with Sarah McLachlan. I'm just crying my eyes out. I can't stop crying. I can't look; I've just got to leave."

Fallon managed to hold back the tears long enough to take a quiz on his Olympic knowledge. Watch the clip above to see how he did.

If not Fallon, who would you like to see host the Academy Awards? Share your picks on our Facebook page.

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