According to reports, BBC chiefs were lining up a multi-million pound offer to poach the 58-year-old away from ITV when his contract ends in 2021.
Now Phillip has addressed the rumours with This Morning fans online.
A concerned fan asked Holly Willoughby’s co-star on Twitter whether the rumours were true, adding: “This would surely be the WORST decision ever to make.”
Another pleaded: “@Schofe please please don’t say that you and Holly are leaving this morning?”
In response, Phillip said: “Course not” alongside crying with laugher emojis.
It is thought ITV bosses are likely to put up a fight to keep the star, who reportedly earns around £1million a year.
If Phillip did move back to the BBC, it would see the star’s career go full circle.
He became a tea boy at Broadcasting House in London aged 17 after writing in begging for a job.
After moving to ITV, Phil took over as This Morning co-host in 2002, first alongside Fern Britton.
He then began working with Holly in 2009 after the duo impressed together hosting Dancing on Ice from 2006.
As well as This Morning and Dancing on Ice, Phil’s other work for ITV includes All Star Mr & Mrs (2008–2016), The Cube (2009–2015), and 5 Gold Rings (2017–present).
He used to presenter Children’s BBC on weekdays from 1985 to 1987, then as a presenter on the children’s Saturday morning magazine show Going Live! between September 1987 and April 1993.
This Morning airs weekdays on ITV at 10am