Good bye CBS, hello Larry King Katie Couric Live?

That’s the chatter today in the WSJ that is reporting that Couric, despite a two year run, has been plagued by record low ratings as host of the CBS Evening News.

And now, even though her contract doesn’t expire till 2011, could be off to be Larry King soon to be successor?

OH MY!

“After two years of record-low ratings, both CBS News executives and people close to Katie Couric say that the “CBS Evening News” anchor is likely to leave the network well before her contract expires in 2011 — possibly soon after the presidential inauguration early next year. Katie Couric and CBS are prepared for her early exit from the network.”

What’s CBS’ response?

Couric’s annual paycheck? A ga-normous $15 million!

CBS says no to WSJ, citing no changes. Says CBS’ spokesperson:

“We are very proud of the ‘CBS Evening News,’ particularly our political coverage, and we have no plans for any changes regarding Katie or the broadcast.”

Couric said, “I am working hard and having fun. My colleagues continue to impress me with their commitment to the newscast, and I am very proud of the show we put on every day.”

Says the WSJ :”One possible new job for Ms. Couric: succeeding Larry King at CNN. Mr. King, who is 74 years old, has a contract with the network into 2009. CNN President Jon Klein, a CBS veteran with close ties to some at the network, has expressed admiration for Ms. Couric’s work, and the two are friends.”