He announced his plans to exit the show as Live began its 24th season in national syndication.
Philbin announced last January that he planned to leave the show.
The show will go on with Kelly Ripa, who joined him as co-host a decade ago.
No new co-host has yet been chosen to team up with Ripa.
Philbin has been a TV fixture since the 1950s.
The three-time Emmy Award winner was honored with a Lifetime Achievement Award from the National Academy of Television Arts & Sciences at the Daytime Emmy Awards in 2008.
Live airs weekdays at 9:00 a.m. on Channel 7.
The Associated Press contributed to this report.