Sherri Shepherd and Jenny McCarthy have finally revealed that they are leaving the daytime talk show "The View" and this has led to speculation that the show would be cancelled.

However, it doe not seem that the show is going off air anytime soon.

"Absolutely not an option at this time," a source tells HollywoodLife. "Advertising money and respect for Barbara Walters would not have this happen any time soon. The View is an institution and they will retool it and come back stronger then ever."

Meanwhile, the co-host of the show Whoopi Goldberg is definitely going to stay on the show. According to the source, Whoopi is going to stay on the show for a longer time.

It has also come to surface, that Shepherd and McCarthy did not leave the show but were fired from it.

"There was a meeting at ABC late Thursday [June 26] afternoon and they announced Sherri Shepherd was out," sources told TMZ, adding, "We've also heard but have not confirmed Jenny McCarthy and executive producer Bill Geddie may be gone too."

Though till date, the producers have not chosen Shepher and McCarthy's replacement. But the buzz is that Ross Mathews and Jesse Palmer could be new hosts of the show. For those who are a big fan of "The Bachelorette" it is also being said that Andi Dorfman is also under consideration for hosting "The View."

"It's been seven wonderful years on The View and after careful consideration it is time for me to move on. I am extremely grateful to Barbara Walters and Bill Gedde for giving me the opportunity. I look forward to the business opportunities that lay ahead for me and I am incredibly grateful to my View family and my fans for supporting me on this journey," Shepherd said, after leaving the show, in a statement to Deadline.