The beloved TV star will be replaced by Kelly Ripa's husband, Mark Consuelos – who shared a cheeky response to his new role – when Ryan departs the show at the end of the current season, which appears to be sometime in May.
WATCH: Ryan Seacrest confirms exit from Live with Kelly and Ryan
Ryan was originally only signed up to co-host the morning show for three years, but he "loved the job and working with Kelly so much" he decided to extend his contract.
However, it appears that Ryan now wants to concentrate on his other TV commitments and passion projects and swap New York City for the West Coast.
During his exit speech on Thursday's show, Ryan gave a glimpse into his future, revealing: "Once American Idol starts live from Los Angeles later this spring, I'll head out to the West Coast and host that show."
Ryan announced his exit from Live after six years
Not only is American Idol – which Ryan began hosting in 2002 – based in LA, but so is his popular radio show on KIIS-FM, which he will continue to front.
Ryan also wants to open three more creative studios in pediatric hospitals across the country this summer to let pediatric patients explore their interest in media.
However, it seems Ryan could now split his time between California and New York as he has every intention of returning to Live to guest host, and will still continue to host Dick Clark's New Year's Rockin' Eve from Times Square.
Ryan praised his 'work wife' Kelly Ripa
Taking to Instagram after his exit news, Ryan explained: "I'll be transitioning out of Live this Spring to shoot the 21st season of American Idol in LA, continue my radio show on KIIS-FM and Dick Clark's New Year's Rockin Eve, and focus my summer on opening three more Ryan Seacrest Foundation Studios in pediatric hospitals across the country."
He added: "I'm looking forward to coming back to guest host in the future and Kelly, I promise to forever share my food photos, chicken eggs, and olive oil with you. And congratulations to my brother Mark, feel free to remodel my dressing room!"
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