Lisa Wilkinson has quit Channel Nine's Today program - to join rival broadcaster Ten.
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It is believed the veteran journalist will appear regularly on Ten's flagship panel show The Project, and will also take on a senior editorial role with the 10 Daily mobile platform.
Wilkinson will not appear on Today on Tuesday.
The popular presenter joined Nine's breakfast show in May of 2007, and with co-host Karl Stefanovic, steadily lifted the ratings to make it the top-rating program in the major cities last year.
In a statement, Nine said: "[We] confirmed we have been unable to meet the expectations of Lisa Wilkinson and her manager on a contract renewal for a further period. We express our gratitude to Lisa for her 10 years with the Today show and are disappointed we find ourselves in this position.
"Nine will be going in another direction and we will consider our options in the coming weeks and months.
"Today show is one of the biggest roles there is in television and requires an enormous commitment from its hosts.
"The partnership between Lisa and Karl has taken the show to the success it is today and we thank Lisa for everything she has done for the show and for Nine over the past ten years. We wish her well for the future," said Nine CEO Hugh Marks.
Wilkinson said: "I want to thank Channel Nine for the privilege of co-hosting the Today Show for the last 10 years.
"I would particularly like to acknowledge my colleagues Karl, Sylvia, Georgie, Tim, Richard, Stevie and Natalia, as well as all the hardworking producers and the entire team behind the cameras - every one of them has contributed to the incredible success of the show over the years.
"Most particularly I want to thank the Today show audience, who have been so supportive and incredibly loyal to me over the last decade.
"I can never thank you enough and look forward to seeing you soon."
In the 1980s, aged 21, Wilkinson became the youngest-ever editor of teen bible Dolly. Four years later, she became editor-in-chief of Cleo.
In the mid-1990s, she became a regular panellist on talk show Beauty and the Beast, hosted by the late Stan Zemanek. During the 2000 Summer Olympics, she joined Seven's The Morning Shift, later becoming co-host of Weekend Sunrise.
When Wilkinson joined Stefanovic on Today in 2007, they trailed Sunrise by a whopping average of 160,000 city viewers.