Say goodbye to Sherri Shepherd! Deadline reported that Shepherd is leaving the show after seven years as a co-host on the ABC daytime series.

A source said Shepherd and producers have known for months that she was planning to leave and have quietly started looking for replacements.The 47-year-old actress reportedly did not want to upstage Barbara Walters' retirement last month.  

In a statement, Shepherd said, "It's been seven wonderful years on 'The View' and after careful consideration, it is time for me to move on. I am extremely grateful to Barbara Walters and Bill Gedde for giving me the opportunity. I look forward to the business opportunities that lay ahead for me and I am incredibly grateful to my View family and my fans for supporting me on this journey."

The news also comes a few months after former co-host Elisabeth Hasselbeck announced she was leaving the show for another network. 

Shortly after Shepherd's announcement, co-host Jenny McCarthy made her own declaration.

"If Sherri goes... I go too. #sisters." McCarthy wrote on Twitter.

She added: "My View will be changing too. As will with many hard working folks. Thanks to everyone at the show for your dedication and an amazing year."

According to the Associated Press, Shepherd and McCarthy failed to agree to specific terms of a new contract. However, TMZ reported that both women were fired from the morning show. Both women's departure would leave Whoopi Goldberg as the show's only permanent host for now.

"'The View' will be moving in an exciting new direction next season and ABC has made decisions to evolve the show creatively," ABC said in a statement following the news of Shepherd's departure.