Los Angeles, California - James Corden will be leaving The Late Late Show next year.

The English comedian — whose signature sketches involve Carpool Karaoke as well as performing musicals with guests at crosswalks — has extended his agreement to host CBS’ late-night talk show for one more season. Corden’s stint as The Late Late Show host will end in 2023.

On Wednesday night's episode, Corden addressed his decision in an emotional monologue, and will have hosted the show for eight years when his contract extension ends.

"I never want this show to overstay its welcome in any way," the host said. "I always want to love making it. And I really think that a year from now, that will be a good time to move on and see what else might be out there."

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CBS, the network host of the show, elaborated. "Seven years ago, James Corden came to the US and took television by storm, with huge creative and comedic swings that resonated in a big way with viewers on-air and online," George Cheeks, president and chief executive of CBS, said in a statement.

"In my two years at CBS, I’ve had the privilege to see James’ creative genius up close and experience his valuable partnership with CBS, both as a performer and a producer. We wish he could stay longer, but we are very proud he made CBS his American home and that this partnership will extend one more season on The Late Late Show."

Corden took over as host of The Late Late Show in 2015 after the departure of the show’s third full-time host, Craig Ferguson. Many of his Carpool Karaoke sketches have gone viral with guests such as Adele, One Direction, Michelle Obama, and the cast of Friends.

Since gaining recognition for his work on the late-night show, Corden has appeared in musical films such as Cats, Cinderella, and Into the Woods, and has hosted both the Tony and Grammy awards.

"We're going to go out with a bang," Corden said of the show's upcoming final year. "It's going to be a blast, I promise you that."