Sue Perkins and Mel Giedroyc will step down as hosts of The Great British Bake Off when the programme moves to Channel 4.
The duo confirmed the news in a statement which read: "We made no secret of our desire for the show to remain where it was... we're not going with the dough."
Yesterday it was revealed that negotiations between Love Productions, who make the show, and the BBC broke down amid disagreements over the cost for the show.
The BBC offered £15m, however this was reportedly £10m short of the asking price.
This led Channel 4 to step in and take over the broadcast rights to one of the most popular shows on British television after it agreed a three series deal.
Giedroyc and Perkins said they were "very shocked and saddened" to learn that the BBC had lost the show.
Their statement continued: "The BBC nurtured the show from its infancy and helped give it its distinctive warmth and charm, growing it from an audience of two million to nearly 15 [million] at its peak.
"We've had the most amazing time on Bake Off, and have loved seeing it rise and rise like a pair of yeasted Latvian baps.
"We're not going with the dough. We wish all the future bakers every success."
Love Productions responded with a statement saying: "We would like to thank Mel and Sue for bringing their own unique humour to the tent over the past years and we respect their decision not to be part of the Bake Off team on Channel 4."
It is still unknown whether judges Mary Berry and Paul Hollywood will stay with the show.