In the mist of NBC’s late night quagmire TheWrap.com is reporting that the network is reportedly negotiating a $30 million buyout with Conan O’Brien to vacate the Tonight Show’s 11:35 p.m. time slot.

Conan and NBC have been taking shots at each other since the network revealed its intentions to move Jay Leno back to 11:35 after the ill-fated decision to move the host to 10 p.m. exploded in their face.

For their part, the two late night hosts have also been taking volleys at one another this week. On Monday night Conan mocked Leno and NBC’s indecisiveness saying, “This weekend no one was seriously hurt, but a 6.5 earthquake hit California. The earthquake was so powerful that it knocked Jay Leno’s show from 10 o’clock to 11:35.”

Jay returned the diss by explaining that the Tonight Show’s ratings had increased since the controversy started, “So you’re welcome [Conan]!”

FOX is reportedly interested in attaining Conan’s services once he and NBC part ways – stay tuned.