He will be replaced by Morgan who is best known to U.S. audiences as one of the judges on the reality show "America's Got Talent."
Morgan hosted his own talk show in Britain before appearing on the talent show.
CNN President Jon Klein says Morgan is "able to look at all aspects of the news with style and humor with an occasional good laugh in the process."
The struggling news network will debut another prime-time show with former New York Gov. Eliot Spitzer and columnist Kathleen Parker in October.
The Associated Press contributed to this story.
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