Francis, who played Genevieve on the soap and previously starred on General Hospital as Laura Spencer, joined The Young and the Restless in 2011. There's no word on whether her departure will prompt Laura to return to Port Charles.
Last month, new Y&R boss Jill Farren Phelps told TV Guide Magazine that there would be changes at the show due to monetary concerns.
"I'm going into Y&R not with a hatchet but with a scalpel in order to make it function as a more economical show," she said. "We have a cast of really wonderful actors but, at the end of the day, we need to look at the entire canvas and decide who is catching fire with the audience. And where can we create fire where there isn't any?"
Asked specifically about reports of Francis' impending dismissal, Phelps said: "Genie and I had a wonderful talk when I came to Y&R and I think we're really quite fond of each other. She's a magnificent actress."
Soaps in Depth reports that other cast members will soon be leaving The Young and the Restless as well, but a rep for the show declined to comment.