This weekend's big event at the Hollywood Bowl will be his final time hosting. He's been a fixture at the fest since it started in 1979.
Artists he's introduced over the years have ranged from Miles Davis to Lionel Hampton to Sarah Vaughan.
Hugh Hefner says in a statement that Cosby's comedic talent and passion for jazz have made an immeasurable contribution to the success of the festival.
The Associated Press contributed to this report.
