Its official, Larry King is stepping down from his talk show throne.

In an internal memo sent late yesterday, CNN President Jonathan Klein informed staffers that King would announce his decision to leave his show on the air Tuesday night.

“After 25 years,” the memo said, “Larry has decided to take a step back from the nightly grind. He wants to take some time for himself and his family. So he will end his run with ‘Larry King Live’ on his own terms, sometime this fall.”

The memo added that King is not leaving CNN. “Larry is a beloved member of the CNN family and he will continue to contribute to our air with periodic specials,” Klein said.

On Tuesday’s episode, Diane Sawyer and Regis Philbin were among the callers who thanked King for his years on the air. He’s conducted some 50,000 interviews during a 53-year broadcasting career.

King told his guest Bill Maher, “I want to do other things that I haven’t been able to do.”

As for who will replace the King, there are several front-runners including Joy Behar, Katie Couric, Piers Morgan, Ryan Seacrest and even President Bill Clinton.