A statement from ITV read: "Following discussions with ITV, Piers Morgan has decided now is the time to leave Good Morning Britain.
"ITV has accepted this decision and has nothing further to add."
WATCH: Piers Morgan storms off GMB set
Piers' departure comes after it was revealed that he is being investigated by TV watchdog Ofcom after comments he made about the Duke and Duchess of Sussex's interview with Oprah Winfrey.
The organisation received more than 41,000 complaints about his remarks on Monday during ITV’s Good Morning Britain.
Piers has been criticised for his dismissive comments about Meghan’s claims to have had issues with her mental health during the bombshell interview.
Piers Morgan will not return to GMB
An Ofcom spokesperson said on Tuesday: "We have launched an investigation into Monday’s episode of Good Morning Britain under our harm and offence rules."
Piers' comments were criticised by mental health charity Mind, who said in a tweet it was “disappointed and concerned” by his comments.
The organisation added: "It’s vital that, when people reach out for support or share their experiences of ill mental health, they are treated with dignity, respect and empathy."
Piers was criticised for his comments about Meghan
The TV star's shock departure follows his abrupt exit from GMB on Tuesday morning after he walked off set following a row with his co-star, Alex Beresford, over his comments about Meghan's interview.
Piers abruptly stood up and walked off, saying: "I'm done with this, sorry," as Alex told him: "You know what, that's pathetic...
"This is diabolical behaviour. I'm sorry but Piers spouts off on a regular basis and we all have to sit here and listen. [Yesterday's episode] was incredibly hard to watch."
Like this story? Sign up to our newsletter to get other stories like this delivered straight to your inbox.