By Adam Markovitz
Updated March 18, 2010 at 09:55 AM EDT

Conan O’Brien has been presented with an outline for a deal to establish a late night show at Fox, according to The Hollywood Reporter. No official offer has been made, and O’Brien would have to accept significant cuts to the $50 million annual budget afforded to The Tonight Show on NBC. Speculation about the TV host’s new home has been rampant ever since his departure from The Tonight Show on Jan. 22. O’Brien is currently gearing up for a 30-city live comedy tour that may be filmed for TV or theatrical release.