Philbin, who currently hosts the program with Kelly Ripa, announced the news at the beginning of the Jan. 18 broadcast of the syndicated chat show.
"I don't want to alarm anybody," Philbin said, adding, "This will be my last year on the show."
"It's been a long time, it's been 28 years," he continued. "It was the biggest thrill of my life to come back to New York, where I grew up as a kid watching TV in the early days, you know, never even dreaming that I would one day have the ability, or whatever it takes, to get in front of the camera and talk to it.
"There is a time that everything must come to an end for certain people on camera — especially certain old people!" Philbin joked. He will turn 80 in August.
Disney-ABC Domestic Television said in a statement that the "Live" franchise will continue. A new co-host, who will join Ripa, will be announced at a later date.