Credit: Jason LaVeris/FilmMagic

For the past 23 years, Regis Philbin has spent weekday mornings entertaining millions of viewers with his morning talk show. But on November 18, 2011, the 80-year-old will be signing off for good.

"Friday, November 18 is my last day," Philbin announced on LIVE! With Regis and Kelly Tuesday. "But don't worry, the show goes on."

Philibin said the show is already working on finding his replacement.

"Kelly [Ripa] will be trying out new co-hosts, just like we did 11 years ago when we found her," Philibin said. (Ripa, 40, replaced Kathie Lee Gifford following her departure in July 2000.)

Philbin added that once he's gone, Ripa will likely look for a "new, young, hot" male co-host to join the program.

"Alive and breathing is what we're talking about," Ripa joked.

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