CNN has confirmed that Piers Morgan's talkshow will end, but said the date of the final show has yet to be decided.
Morgan succeeded Larry King in the time slot three years ago, but his show has suffered lacklustre ratings.
The former tabloid editor told the New York Times that he had discussed a new role on CNN with president Jeff Zucker after admitting his show had experienced a "painful period".
The US TV network did not comment on the 48-year-old's future with the channel.
A petition calling for Morgan to be deported over his vocal support for anti-gun legislation attracted over 109,000 signatures.
Piers Morgan is set to step down from his CNN show in March, reports suggest.
The former Daily Mirror editor told the New York Times that falling ratings and his anti-gun campaign had led to the decision to cancel "Piers Morgan Live".
"It’s been a painful period and lately we have taken a bath in the ratings,” Morgan told David Carr, a media columnist for the paper.
"Look, I am a British guy debating American cultural issues, including guns, which has been very polarising, and there is no doubt that there are many in the audience who are tired of me banging on about it,” he added.
The former Britain's Got Talent judge, who replaced Larry King in the prime time slot in 2011, admitted that he spoken to CNN president Jeffrey Zucker for some time about "different ways of using me.”
Former Conservative MP Louise Mensch, who was a member of the parliamentary committee investigating phone hacking, said journalists told her that the practice was "widespread" within the industry.
Ms Mensch said: "I remember during the parliamentary inquiry into hacking, I was very clear, journalists were coming to me all the time saying this was a widespread practice in Fleet Street, and the further we get into it the more true that becomes."
Earlier, it was revealed that former Daily Mirror editor Piers Morgan was questioned under caution last December about phone hacking but was not arrested.
Piers Morgan has confirmed he was questioned by police about phone hacking at the Mirror newspaper group - although it is not the first he has been linked to the hacking scandal.
In his memoirs, published in 2003, the former Daily Mirror editor appeared to suggest he knew all about phone hacking, and he then repeated those stories to the media when he gave interviews.
Then he appeared before Lord Leveson at his inquiry in late 2012, and said that absolutely no hacking took place under his editorship at the Daily Mirror, going back on all those earlier suggestions.
Morgan is now based in the US, but flew back to the UK in December to be questioned by police, after being approached by officers belonging to Operation Golding which was set up to look into voice message interception.
The Mirror Group deny that any kind of hacking occurred at their newspaper group.
Piers Morgan has confirmed that he was interviewed by officers investigating phone hacking in December.
Metropolitan Police said a 48-year-old journalist was "interviewed under caution", although a spokesman refused to confirm the name of the individual.
In a statement to The Guardian through a spokesperson, Mr Morgan said:
In early November I was asked to attend an interview by officers from Operation Weeting when I was next in the UK.
This was further to a full witness statement I had already freely provided. I attended that interview as requested on 6 December 2013.
Morgan, who is now a presenter on CNN, was editor of the Daily Mirror from 1995 until 2004.
Former Daily Mirror editor Piers Morgan has been questioned under caution about phone hacking, Press Association sources have confirmed.
"A 48-year-old man, a journalist, was interviewed under caution on 6 December 2013 by officers from Operation Golding in connection with suspected conspiracy to intercept telephone voicemails," a Metropolitan Police spokesman told ITV News.
"He was interviewed by appointment at a south London police station. He was not arrested."
Broadcaster Piers Morgan says he has been told by sacked English cricketer Kevin Pietersen that "the issue of trust" was never raised with him between his "rehabilitation and sacking".
Just spoke to @kp24 - nobody has EVER raised the issue of 'trust' with him between rehabilitation & sacking. Not ECB, Cook, anyone. Fact.
ECB not produced a single shred of evidence that @kp24 breached Cook's, or anyone else in team's trust since coming back into side. Fact.
No comment has been made by Pietersen's management since the England and Wales Cricket Board confirmed the former player had been released from his contract.
Broadcaster Piers Morgan claims that his friend Kevin Pietersen has not been selected for the upcoming one day tour of West Indies and the World Twenty20 next month.
The former Daily Mirror editor was highly critical of the ECB's decision:
I can confirm Kevin Pietersen has been SACKED by the pathetic, spineless losers at the @ecb . Unbelievable.
KP sacked for being England's highest run-scorer in all competitions, and highest run-scorer in Ashes debacle. SHAMEFUL. #KPSacked
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Broadcaster Piers Morgan was also subjected to abusive tweets after he joined calls for police and Twitter to take action over the abusive messages aimed at Collymore.
The former tabloid editor tweeted:
I repeat, racist abuse & death threats both criminal offences in UK. So keep spewing it, trolls, and I will have you ALL dealt with.