After more than 20 years Phillip Schofield has announced he will be stepping down from his role as co-host of ITV's This Morning. 

Schofield revealed on social media this afternoon (Saturday, May 20) that he would be stepping down from his role on This Morning effective immediately. 

He said: "I have always been proud to cover fascinating stories on This Morning. But recently, This Morning itself has become the story.

“Throughout my career in TV – including the very difficult last few days – I have always done my best to be honourable and kind.

"I understand that ITV has decided the current situation can’t go on, and I want to do what I can to protect the show that I love.

“So I have agreed to step down from This Morning with immediate effect, in the hope that the show can move forward to a bright future.

"I’d like to thank everyone who has supported me – especially This Morning’s amazing viewers – and I’ll see you all for the Soap Awards next month.”

The announcement comes amid an alleged off-air rift with co-host Holly Willoughby that has been ongoing for a number of weeks. 

But the question now is, who will replace Schofield?

ITV reveals Phillip Schofield's replacement on This Morning

ITV released a statement following the news Schofield would be leaving This Morning.

In the statement, the broadcaster said Willoughby would continue to present the show and Schofield would be replaced as her co-host by "members of the This Morning family". 

Members of the This Morning family include the likes of Alison Hammond and Dermot O'Leary.

Worcester News: ITV has revealed who will replace Phillip Schofield on This Morning.ITV has revealed who will replace Phillip Schofield on This Morning. (Image: ITV)

Speaking about Schofield's time on the show, ITV’s managing director, media and entertainment, Kevin Lygo, added: “Phillip is hands down one of the best broadcasters of his generation and we thank him for his two decades worth of absolutely terrific television on the This Morning sofa.

“This Morning is made by one of the best and most diligent teams in television, who produce over 12 hours of live television each week.

“We look forward to continuing our relationship with Phillip starting with The British Soap Awards in June and a brand new peak time series to come.”