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Is Conan O’Brien doomed to remain forever in the shadows of David Letterman, the man he replaced in NBC-TV’s “Late Night” slot four years ago? O’Brien and his staff struck a deal with Mercury Records for an album culled from musical performances on his show--only to get scooped on the idea before it was even announced when word got out last week about a planned album drawn from Letterman’s CBS-TV “Late Night.”

“When we signed with Mercury eight or nine months ago we were patting ourselves on the back about how innovative we’ll seem, only to now read that Dave’s doing one too,” O’Brien told Pop Eye. “Our albums will be different, though. I’m singing all the songs on ours, and I think Dave lets the artists sing their songs on his.”

Ba-dum! Seriously, while Letterman’s collection will be fueled by star power, O’Brien views his more as a chance for fans to make new discoveries. Confirmed so far for the album, due in the fall: Ani DiFranco, Edwyn Collins and Matthew Sweet, with more to be announced soon.

“We’re not putting on the huge bands, and frankly we can’t get many of them,” says O’Brien, crediting music producer Jim Pitt for consistently booking rising talent on the show. “We felt that this should represent what the show tries to do . . . with people who deserve to be seen and heard.”

O’Brien, though, says he’s looking forward to hearing Letterman’s collection. “I’ll probably go out and buy his album,” he says. “And someone will give him a copy of mine.”