James Corden will join Stephen Colbert in CBS' new late night lineup. The British comedian will succeed "The Late Late Show" host Craig Ferguson after his departure later this year, The Wrap reports.

Ferguson told his studio audience on April 28 that he wouldn't return to his late-night gig when his contract expires in December. His announcement came after David Letterman's on April 3, stating that he would be retiring from "The Late Show" in 2015. CBS named Colbert his successor a week later.

CBS hasn't officially confirmed Corden as the new host. The actor/comedian is currently starring in the indie flick "Begin Again" with Keira Knightly and Mark Ruffalo, and will appear in Disney's "Into The Woods" next year. He has no late-night hosting experience, but he did host Sky1's sports-based comedy panel series "A League Of Their Own," according to TVGuide.com.

Other possible candidates for "The Late Late Show" host included Joel McHale and Neil Patrick Harris.

Ferguson's contract with CBS included a succession clause that guaranteed him a substantial payout if the network passed him over for Letterman's job. The amount ranged between $5 million and $12 million.

"During his 10 years as host, Craig has elevated CBS to new creative and competitive heights at 12:30. He infused the broadcast with tremendous energy, unique comedy, insightful interviews and some of the most heartfelt monologues seen on television," said CBS Entertainment chief Nina Tassler at the time of Ferguson's announcement.

CBS's late-night competitor NBC went through their own transition earlier this year when Jimmy Fallon took over "The Tonight Show" from Jay Leno and moved the program back to New York City. Seth Meyers became the new host of "Late Night." Both Meyers and Fallon anchored Weekend Update on "Saturday Night Live."