Well here’s a rumor that was verified nearly as soon as it began making the media rounds. Fareed Zakaria has left Newsweek, yes, and is off to… Time magazine. He will begin his new role as editor at large on October 1.

Zakaria will continue his weekly show, “Fareed Zakaria GPS,” in addition to creating special reports for CNN and acting as a consultant for HBO’s documentary unit — all under the umbrella of the Time Warner family.

Says Time managing editor Richard Stengel:

Fareed is one of the world’s premier public intellectuals. He is known internationally as an exceptional authority on foreign policy, global politics and world affairs. I am thrilled that Fareed is joining us; his singular voice in explaining the world to people is a natural fit with our editorial mission at a moment when Time is more relevant and wide-reaching than it’s ever been.