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The rumor mill is working overtime with speculation that Ryan Seacrest will be replacing Regis Philbin as co-host for Live with Regis and Kelly.

Yeah, because Ryan totally needs something to do with his spare time. Already the host of his own radio show, as well as the host for American Idol, Seacrest also covers the red carpet and special events for E News.

It does seem fitting however that the torch should pass from the man once dubbed “the hardest working man in show business” to the man currently associated with the dubious title.

According to The Globe:

“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.”

Philbin had triple bypass surgery in March 2007 and announced in December that he will be cutting back to a three-day work week.

We hope this is not a sign of Regis’ failing health and we wish the talk show host well. I fear that Ryan Seacrest will be facing heart problems of his own if he doesn’t slow down a little. He is the very definition of a workaholic.