The current fifth season of Key & Peelewill be the show's last.
"This is our final season -- and it's not because of Comedy Central, it's us," star and co-creator Keegan-Michael Key told TheWrap. "It was just time for us to explore other things, together and apart. I compare it to Gene Wilder and Richard Pryor. We might make a movie and then do our own thing for three years and then come back and do another movie.
"I'm thinking we could do that every three years - take a year, go bang out a movie," he added. "That's the plan right now."
Key & Peele premiered on Comedy Central in 2012. Key and co-creator and star Jordan Peele are currently working on an animated spin-off of the show based on their cartoon characters Vandaveon & Mike.
Last week, the show scored six Emmy nominations, including variety sketch series and supporting actor in a comedy series for Key.
Peele confirmed the news on Twitter Saturday, urging viewers to tune in for the remaining episodes.