Out with Reg, in with Ry. Television/radio personality Ryan Seacrest has been tapped to replace showbiz vet Regis Philbin as co-host of the seventy-six year old’s beloved morning chatfest Live with Regis & Kelly. As Regis approaches his twentieth anniversary on the show, producers of the television staple are prepared to offer Seacrest big bucks to join Kelly Ripa on Live.

“Ryan would be the perfect successor to Regis. He’s subbed several times for Larry King on his CNN talk show, he has his own syndicated morning radio gig, hosts the biggest show on TV, and does special events and red carpet coverage for E! Entertainment Network.”

“The whole focus now is on Ryan to take over,” a show source reveals to the Globe. “They’ll have to think really big bucks to get him to sign on the dotted line.”

And even Live co-host Kelly Ripa seems to be on board….just as long as there’s something in it for her:

“Kelly knows Ryan-he’s subbed for Regis in the past and she’s co-hosted the Disney Christmas Day Parade for ABC with him. She likes him personally…but if they end up making him a sweetheart deal, she’s going to want hers, too! Kelly’s going to be on the warpath.”