The longtime TV host dropped a bombshell over the weekend that he won't be returning to the morning programme.
He's presented the show for more than 20 years, however he's decided to take a step back.
Schofield said in a statement posted to social media: “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.”
She is set to return to This Morning on June 5 after taking an early half-term holiday that starts today (May 22).
Naturally, everyone is wondering who will be brought in to fill the Schofield-Willoughby gap in the meantime.
ITV has turned to some familiar faces for the gig.
The pair already hosts the show on Fridays and their first show will be today (Monday May 22).
Sky News says it's unclear whether they will be the long-running stand-in presenters or if ITV will get different people to host the programme.
When rumours were circling that Schofield's position way be coming to an end, Gambling.com listed O'Leary as the 6.4 favourite with a 40 percent probability.
Other male names being thrown into the hat by Gambling.com include Rylan Clark (3/1), Craig Doyle (5/1), Piers Morgan (11/2), Vernon Kay (7/1), Joel Dommett (8/1) and Eamonn Holmes (20/1).
Morgan has already ruled himself out of the potential job.
He wrote on Twitter after hearing his name being pitched: "Thanks to everyone suggesting I might replace Phillip Schofield as Holly Willoughby’ Scotland-host at This Morning in a Lazarus-like comeback to ITV.
“Unfortunately, there’s just one problem: I still don’t believe a single word Meghan Markle says!”Featured Image Credit: ITV. PA Images / Alamy Stock Photo