According to The Sun, Ollie wants to focus on becoming a TV presenter.
A source told the paper: “He’s been in the show since the beginning and it will always be a big part of his life – but the time was right to move on.
“A lot of new characters have been brought in this season and Ollie hasn’t been in it as much.
“But he understands, and having rejected a number of TV offers in the past, a few things have come up that are too good to turn down.
“As they were filming the current series, he told his bosses this would be his last and they were disappointed.
“He’s had a great time doing the show but is now looking forward to pursuing other projects."
Another reason behind bi-sexual Ollie's decision to quit was that he's grown tired of the show focusing on his sex life.
“He’s also become sick of the constant questioning over his sexuality," the source added. "They really tried to persuade him to stay but he’d made his mind up to go, which everyone respected.
“There are bound to be lots of tears at the wrap party. He’s a very likeable guy on set.”
Yesterday we reported how a row had erupted among some members of the 'Made In Chelsea' cast, after Andy Jordan discovered he was being paid £150 less per episode than love rival Spencer Matthews.
Andy - who is dating Spencer's ex Louise Thompson - is said to be 'fuming' that he takes home just £250 per episode, compared to Spencer's £400 and is said to be demanding a pay rise for the next series of the show.