The moment David Letterman announced his retirement from 'The Late Show,' speculation began toward possible replacements, though very few of them were given to Letterman's 'Late Show'-following host Craig Ferguson. Stephen Colbert's quick acceptance of the gig left people questioning if Ferguson will remain with 'The Late Late Show', and it seems Ferguson has officially decided to step down at the end of the year.

Via Deadline, Ferguson has officially opted not to renew his 'Late Late Show' contract after its December expiration, announcing the news to his Monday audience as Letterman had done weeks earlier. Ferguson took over the 'Late Late Show' from former 'Daily Show' host Craig Kilborn in 2005, and while his contract had originally been set to expire this summer, Ferguson will stay on until the end of the year.

Said Ferguson to his audience, referencing Gwyneth Paltrow's separation from Chris Martin, "CBS and I are not getting divorced, we are ‘consciously uncoupling,’ but we will still spend holidays together and share custody of the fake horse and robot skeleton, both of whom we love very much."

Here's CBS chairman Nina Tassler on Ferguson's retirement:

During his 10 years as host, Craig has elevated CBS to new creative and competitive heights at 12:30. He infused the broadcast with tremendous energy, unique comedy, insightful interviews and some of the most heartfelt monologues seen on television. [His] versatile talents as a writer, producer, actor and comedian speak to his great days ahead.

While we’ll miss Craig and can’t thank him enough for his contributions to both the show and the Network, we respect his decision to move on, and we look forward to celebrating his final broadcasts during the next eight months.

Of course, it's too early to know for sure if CBS intends to carry on with 'The Late Late Show' in its current incarnation under a new host, or perhaps craft another series to fill the void. Recent rumors suggested Chelsea Handler was to meet with CBS for a potential talk show, though the information proved unfounded.

What do you think? Should Ferguson have stayed with 'The Late Late Show' even as Colbert takes over for Letterman? Who would you want to see follow Colbert's 'Late Show' in 2015?

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