According to reports, the 36-year-old star had been earning a third less than her co-host.
It is believed Phillip was pocketing £600,000, whilst Holly was on £400,000.
The pair, who have worked together for 11 years, will now earn the same as each other for the TV projects they front together.
Holly’s pay rise came as she and Phil negotiated their salaries for the rebooted series of ‘Dancing On Ice’, which they will both front.
Sources have suggested that ITV chiefs realised they would be unable to pay them the same fee for the celebrity ice skating competition and not for their work on ‘This Morning’.
ITV’s decision was made before last month’s revelations on the disparity between male and females stars’ salaries at the BBC.
The Beeb’s annual report revealed that two-thirds of its stars earning more than £150,000 are male.
Radio 2 breakfast show host Chris Evans is the BBC’s top earner, taking home between £2.2m and £2.25m. But this dwarfs the salary of Claudia Winkleman, who is the highest-paid female celebrity, earning between £450,000 and £500,000 last year.
HuffPost UK have contacted ITV for comment.