After 37 years with ABC News, Walters will announce on "The View" Monday her plans to leave TV journalism.
According to ABC News, she will continue to appear on the daytime talk show and anchor and report for the network until her retirement next summer.
"I am very happy with my decision and look forward to a wonderful and special year ahead both on 'The View' and with ABC News," she said. "I created 'The View' and am delighted it will last beyond my leaving it."
Walters created the series in 1997. She will remain onboard as its executive producer.
Walters began her career in TV in 1961 on NBC's "Today" show. She made the move to ABC in 1976, where she went on to become the first woman to anchor a network news program. She also co-hosted 20/20 for 25 years.
Through the years, she interviewed many world figures, including Fidel Castro, Moammar Kaddafi and Saddam Hussein. She has also interviewed every American president and first lady since the Nixon administration.
For decades, millions of people have looked to Walters to ask her interviewees the tough questions, from Monica Lewinsky in 1999 to Syria's embattled President Bashar al-Assad in 2012.
Over the course of the next year, Walters will host "20 Years of the 10 Most Fascinating People" in December, an Oscars special and a retrospective of her career in May.