The presenter, 61, made a shock announcement this afternoon and confirmed he had left the show “with immediate effect”.
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Tensions between Phillip and Holly, 42, have led to the star quitting after more than 20 years on the sofa.
The presenting pair saw their once-close relationship crumble in recent weeks.
The Sun revealed earlier this week that Phillip faced the axe from This Morning amid a “seismic” summer shake-up.
Following the news, ITV has confirmed Holly will not appear on the flagship programme on Monday.
The broadcaster had previously granted Holly and Phil time off from the show before he quit.
She is next expected to front the programme on Monday, June 5th.
However, it’s currently unclear who she will co-present the two-and-a-half-hour show with.
In a statement, bosses said: “Holly Willoughby will remain on This Morning and will co-present with members of the This Morning family.”
In his statement released earlier, Schofe 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 what has supported me – especially This Morning’s amazing viewers – and I’ll see you all for the Soap Awards next month.”
In the wake of the news, Holly took to her social media to gush over her now former co-star, thanking him for his “knowledge and humour”.
She penned: “It’s been a great 13 years presenting This Morning with Phil, and I want to take this opportunity to thank him for all of his knowledge, his experience and his humour.”
Holly added: “The sofa won’t feel the same without him.”
Fans of the show are already convinced they know who will replace Phil and present alongside Holly.
Taking to social media, they said Alison Hammond will more than likely take over the job.
Phil has already landed a brand new prime time TV show following his departure from This Morning.
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