NBC has found a way to solve two of its major problems with just one move.

The network is expected to announce today that longtime late-night host Jay Leno, who will leave “The Tonight Show” in May, is taking over the 10 p.m. timeslot with a strip show slated to air on weeknights.

Word of the move leaked out just hours after NBC Universal president Jeff Zucker, speaking at an investor conference, suggested that the network could not continue to program the 22-hour schedule long employed by the Big Three due to rising production costs and, media buyers might argue, dwindling quality of NBC shows.

The move is surprising for several reasons, not the least of which is Leno himself had implied that sticking around NBC was a long shot. The network announced the comic’s exit from “Tonight” five years ago, but as the transition date approached, Leno hinted that he is not ready to leave and would shop his services to other networks.

ABC and Fox both expressed interest, as did several syndicators. By locking up Leno for a reported five-year deal, NBC ensures that successor Conan O’Brien would not have to face his predecessor in late night, a battle Leno was expected to win.

Too, NBC can save a little face after heavy criticism of how it handled the Leno transition. “Tonight” has been the top-rated late-night show for more than a decade, last month capturing its 51st consecutive sweeps victory.

Executives at other networks have criticized NBC for pushing Leno out so early, in part in order to hold on to O’Brien, who’s been just as dominant in late-night. With Leno sticking around, ensuring that he won’t be competing against his old network, NBC seems a lot less foolish.

But perhaps the biggest surprise is the scheduling shakeup that Leno’s new show will prompt in primetime. NBC will reduce the number of primetime hours it must program from 22 to 17, a blessing considering the longtime fourth-place network has struggled to produce new shows with any staying power the past few years.

In fact, yesterday the network announced a major overhaul of its entertainment division designed to streamline development. Last spring, NBC said it was eliminating the expensive pilot process, a move that saved money but was ultimately considered unsuccessful after all of its fall shows flopped.

The company is still cutting expenses wherever it can. Last week, NBC Universal laid off 500 employees, and product placement has been rampant on its fall programs to defray production costs.

Just how Leno will fare in the 10 p.m. slot, where he will face dramas on ABC and CBS, is unclear. The show, reportedly similar in format to “Tonight” with a monologue and some sketches, will undoubtedly be cheaper to produce than a high-concept drama like “My Own Worst Enemy,” which was canceled after only a few months.

But while Leno enjoys a strong late-night following, that still translates into fewer than 5 million viewers. By comparison, CBS’s 10 p.m. dramas usually draw double that number.

Too, the move will limit NBC’s programming capabilities. More than likely, the network will eliminate a few veteran shows to make room for fresh programming next fall, when Leno’s deal is expected to begin.

That means long-running shows like “Law & Order: Special Victims Unit” will move to earlier slots, and it gives the network fewer slots to develop potentially lucrative new hits.

Plus, if the Leno show fails, NBC will have a huge hole in its schedule, one that would anger affiliates, who depend on 10 p.m. shows for a decent lead-in for their local newscasts.

Though Leno’s will be the first strip show on a Big Four network in decades, the idea behind it is not new. NBC offered a similar deal to Johnny Carson and, years later, David Letterman, though both comedians refused.

Leno’s final “Tonight” appearance is May 29.