The ice skating duo announced that the next series - set to air in early 2014 - will be the last, and will tie in with the 30th anniversary of their famous gold medal-winning Bolero routine at the 1984 winter Olympics.
Appearing on 'Daybreak' to reveal the news, Christopher Dean said: “We’ve had this wonderful experience doing Dancing on Ice and we just wanted to finish at the top of our game and for the show to be on top of its game and so we just felt it was the right time.
However, he confirmed the pair will still continue to skate together after the show finishes, adding: “We’re not going to hang up our skates but we are going to slow them down a little bit. I do think most probably because it is 30 years that might be our last Bolero as well.”
Jayne Torvill added: “We have other plans to do other projects so we are excited about that but I have to say the experience of Dancing on Ice has been absolutely fantastic for us because we had thought at that point we were going to retire and suddenly here we were back and being able to tour, playing in front of huge crowds and arenas.”
Host Phillip Schofield took to Twitter after the announcement, writing: "Enjoy it while you can. Dancing on Ice 2014 will be the final series. And I can take up skiing again! ;)"
Ratings for the show have fallen dramatically in recent series, following various shake ups on the judging panel and presenting line up.
The 2012 series saw the exits of judges Jason Gardiner and Emma Bunton - who were replaced by Louie Spence and Katarina Witt - along with host Holly Willoughby, who left to present 'The Voice', and was replaced by Christine Bleakley.
Bosses changed the panel again for the 2013 series, axing their new recruits and bringing back old judges Jason Gardiner and Karen Barber, along with the addition of former Pussycat Doll Ashley Roberts.
ITV boss Peter Fincham added in a statement that 'it feels like the series has reached its natural end' - but will you miss 'DOI'? Vote below...