Following the late night comedian's unexpected retirement announcement, proposals and spectulation about who will replace the famous TV host. Many well-known names have been tossed around, but none have been confirmed. Each choice brings different styles and flavors to the TV show.

On Thursday night's episode of The Late Show with David Letterman, the show's host announced his 2015 retirement. The soon-to-be 67-year-old told CBS executives of his decision only two hours before the show aired, according to New York Daily News.

Some now see the opening as an opportunity to introduce women into late-night TV comedy.

Both Ellen DeGeneres and Tina Fey have both been considered for the spot, though nothing is certain. Women have not made any headway into the late-night comedy spot, and the two contenders would be highly successful in the spot due to their reputation in American television and cinema.

However, others have been tapped for the position as well.

Letterman protégé Craig Ferguson could potentially replace the aging comedian, but he it is unlikely. The News reports, however, Ferguson's contract says he will be paid between $8 to 12 million if he is overlooked.

The favorite comedian to replace Letterman is reportedly Stephen Colbert. After almost a decade on Comedy Central, Colbert's contract with the cable network expires at the end of 2014, opening the opportunity to enter late-night television, according to Fox News. Though Colbert's style of comedy, impersonating a conservative commentator on his show, has prevented audiences to see his true personality and style, he still possess the ability to interview personalities and the charisma to enamor the late TV audience.

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