06/20/2012 12:26 pm ET

Craig Ferguson Assures He's Not Being Replaced By Arsenio Hall (VIDEO)

With Arsenio Hall officially returning to late night thanks to a deal with CBS Television Distribution, some people thought that meant CBS darling Craig Ferguson would be getting the boot. On Tuesday night's "The Late Late Show," however, Ferguson assured his audience that he's sticking around.

During his monologue, Ferguson joked about Hall replacing him before welcoming him back to the "late night club house" where he said there's "always room for more."

He also offered Hall a piece of advice:

"Welcome back, but when you come to the dinners, don't sit between Jay and Conan."

Hall, who signed a contract with CBSTVD to host a syndicated talk show debuting in the Fall of 2013, won't be replacing Ferguson, who recently renewed his contract with CBS along with David Letterman until 2014. But with late night TV being a notoriously competitive arena, it's no surprise that Ferguson felt compelled to address the news of Hall's comeback.

Watch the clip above to hear Ferguson's Arsenio material plus an anecdote about his late night comrade, Chelsea Handler.