Ripa's new contract will take affect when her deal expires in fall 2012, and will bring her tenure to 16 years. No permanent replacement has yet been named for Philbin, 80, and the show will temporarily be named Live with Kelly as the show searches for her new co-anchor.
After Philbin leaves, Ripa, 41, will be joined by guest hosts including Jerry Seinfeld, who will appear on the show Nov. 21-23. Guests for Philbin's last week will include David Letterman and Kathie Lee Gifford, with whom he co-hosted Live! for 15 years before Ripa started in 2001.
Ripa and Philbin won the Daytime Emmy award for outstanding talk show host earlier this year.