The BBC One daytime show will now be presented by a team of antiques experts, following Tim’s departure.
It was reported that he had been suspended after a row with producers pending a BBC investigation in September.
Confirming his exit, Tim said in a statement: “I am pleased to have been part of ‘Bargain Hunt’ for so many years and have thoroughly enjoyed every one of my, roughly, 1,200 programmes hunting out bargains with the contestants.
“Alongside continuing to voice ‘Antiques Road Trip’ for the BBC, I look forward to developing new programme ideas.”
A spokesperson for the BBC added: “We would like to thank Tim Wonnacott for his dedication to ‘Bargain Hunt’ over the last 12 years and for the great expertise that he has brought to the show in that time.
‘Bargain Hunt’ will be moving in a new direction next year utilising a team of experts who present a number of shows each. Tim continues to work with the BBC on ‘Antiques Road Trip’.”
Tim will continue to be seen in new episodes airing on BBC One until early 2016, when the team of new presenters take over.
‘Bargain Hunt’ airs weekdays at 12.15pm on BBC One.