As well as co-hosting This Morning, the pair also fronted Dancing On Ice.
Willoughby said in an Instagram post: “It’s been over 13 great years presenting This Morning with Phil and I want to take this opportunity to thank him for all of his knowledge, his experience and his humour. The sofa won’t feel the same without him.”
Schofield graduated from presenting on CBBC’s Broom Cupboard to enjoy one of the most enduring careers in television.
The 61-year-old, who made his name alongside sidekick Gordon The Gopher on the BBC children’s television show, came to be seen as the king of daytime television.
Schofield was given the plum job on This Morning in 2002 after John Leslie was sacked.
Kevin Lygo, ITV’s managing director, media and entertainment, said: “Phillip is hands down one of the best broadcasters of his generation and we thank him for his two decades worth of absolutely terrific television on the This Morning sofa.
“We look forward to continuing our relationship with Phillip starting with The British Soap Awards in June and a brand new peak-time series to come.”