Bill O'Reilly is leaving Fox News, according to parent company 21st Century Fox.
The network put out a statement saying both sides mutually agreed to part ways.
The star anchor has been at the channel since 1996.
'The O'Reilly Factor' has aired for 11 years and is taped in New York City.
O'Reilly's departure comes after reports that five women were paid millions of dollars to keep sexual harassment allegations against him quiet.
O'Reilly was scheduled to return from vacation next week.
Several national sponsors have been pulling ads from "The O'Reilly Factor" since the reports emerged.
However, the long-time host denies the allegations and says he paid the settlements to guard his children from any controversy.
According to the Associated Press, O'Reilly called his dismissal over the allegations "tremendously disheartening" and maintained that they were not true.
"The O'Reilly Factor" was one of the highest rated in cable news, and drew about 4 million viewers each night.
Ratings fell 23 percent while guest hosts were filling in.