James Corden Announces His Departure from The Late Late Show : 'A Really Hard Decision'

Emma McIntyre/Getty James Corden

James Corden is saying goodbye to The Late Late Show.

The longtime talk show host, 43, has extended his contract with CBS for one more year before leaving the show at the end of his extension in Spring 2023, PEOPLE confirms.

In a statement to Deadline, who was the first to report the news, Corden said choosing to leave the show after eight-and-a-half years was "a really hard decision."

"I'm so immensely proud of the show," he said, referring to the late night series as the "most joyous working environment".

"I'm thrilled to be extending [for a year]," Corden continued. "I always thought I'd do it for five years and then leave and then I stayed on. I've really been thinking about it for a long time, thinking whether there might be one more adventure."

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"I'll miss the adrenaline of thinking 'Next week I'm going to jump out of a plane with Tom Cruise or in two weeks' time, we're going to drive around the White House in a car with Michelle Obama or sing Penny Lane with Paul McCartney driving down Penny Lane," he added. "All of my greatest ambitions for what it what [the show] could be, it's absolutely surpassed all of them. My intention is to try and go out in exactly the same way we came in, which is just going out with a with a bang."

A rep for Corden did not immediately respond to PEOPLE's request for comment.

Terence Patrick/ CBS

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Corden began hosting The Late Late Show in 2015 after taking over for Craig Ferguson. In addition to the candid interviews with celebrity guests, the series also became known for many of its viral segments, including Carpool Karaoke, Spill Your Guts and Crosswalk Musical.

In a statement on Thursday, George Cheeks, the president and CEO of CBS, fondly recalled Corden's time with the network and praised the English comedian as a "creative genius."

"Seven years ago, James Corden came to the U.S. and took television by storm, with huge creative and comedic swings that resonated in a big way with viewers on-air and online," Cheeks said. "From 'Crosswalk the Musical' to the legendary 'Carpool Karaoke,' and every unique comedy segment he introduced, James has truly reimagined many elements of the late night format."

"He has also been the consummate network showman, entertaining audiences from his nightly perch at Television City as well as the Tony and Grammy stage," he continued. "In my two years at CBS, I've had the privilege to see James' creative genius up close and experience his valuable partnership with CBS, both as a performer and a producer. We wish he could stay longer, but we are very proud he made CBS his American home and that this partnership will extend one more season on The Late Late Show."

Cheeks and his fellow CBS chiefs attempted to keep Corden in his hosting gig longer, according to Deadline, offering him a three-year extension, a two-year extension and a rolling one-year deal.

However, Corden — whose has starred in films like Cats and The Prom, and partnered with Fulwell 73, the production company responsible for The Kardashians on Hulu — said he has some other career ambitions in mind.

"There's still some other things that I feel I want to do," he told Deadline. "I'd like to try and write. There's some [stories] I'd like to tell. I'd like to see if I'm capable of it. The fact that it's terrifying is the reason to do it."

Where Corden plans to achieve those career goals remains up in the air. He told Deadline that he and his family "genuinely don't know" if they'll leave California and return to the U.K.

"It's something we think about and we talk about a lot but we haven't really made a decision on that yet. That's the life side of things which we'll figure out," he explained to the outlet. "I love living here. I love everything it's given. My family and I have never taken this incredible adventure for granted. Every day I drive down Sunset to work and I just think I'm from High Wycombe."

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Following the news, Corden's fellow late night star Stephen Colbert gave his comrade a sweet send-off on Twitter, while joking about his next onscreen job.

"Congratulations, James, on what will be eight incredible years at CBS. 12:30 won't be the same without you. But looking forward to your exciting adventures as the new Doctor Who!" he wrote.

The Late Late Show with James Corden airs weeknights at 12:37/11:37c on CBS.