After almost three decades on the air, Larry King Live is signing off on his nightly news show. Having hosted Larry King Live for more than 25 years, the CNN newsman is trading in his trademark suspenders and discontinuing his regular gig. But fans need not worry -- he'll continue his stint for the next few months. King made the announcement via Twitter, stating, "I'm ending my nightly show this fall but continuing at CNN." He followed up the surprising revelation with, "It's time to hang up my nightly suspenders." Although he'll no longer have his own show, King plans on turning his focus to specials and sports stories. CNN issued the following flowery statement about King: "Larry King defined the art of the television interview. His candor, curiosity and compassion are legendary, and his ability to interview people from all walks of life - world leaders, celebrities and everyday people - has made him an icon." We're sure the fact that is ratings have tanked recently had nothing to do with his decision to bow out gracefully. It's been less than 24 hours since the announcement, and people are already speculating who will fill the 76-year-old's shoes. Supposedly America's Got Talent judge Piers Morgan is one of the frontrunners for the coveted 9 p.m. slot. According to Radaronline.com, the Brit has been in talks with CNN for weeks and is close to signing a $10 million deal. While most know Morgan from the judges' table on AGT, he's actually the former editor of the UK's Daily Mirror. He was fired after running fake photos of British troops abusing Iraqi prisoners. Since then he's gone on to host the popular talent show and win Celebrity Apprentice. Who says a good scandal isn't lucrative? After all, Morgan isn't the only controversial figure CNN has. Disgraced governor Eliot Spitzer has also been hired to do his own show.