Piers Morgan, 48, told The New York Times it had been “a painful period” for the show, which has suffered lacklustre ratings.
CNN’s audience had tired of hearing a Briton weigh in on American cultural issues, he said.
Piers Morgan said he was in discussions with CNN about a new role at the channel following the end of the show, probably in March.
The former Daily Mirror editor replaced veteran host Larry King three years ago and interviewed statesman and celebrities, including ex-President Bill Clinton, and financier Warren Buffett. Oprah Winfrey was Piers Morgan Live’s first guest.
But it was his outspoken remarks about gun ownership that have garnered most attention in recent months.
“Look, I am a British guy debating American cultural issues, including guns, which has been very polarizing, and there is no doubt that there are many in the audience who are tired of me banging on about it,” Piers Morgan told the New York Times.
Piers Morgan said that he would like to do fewer appearances that have more impact.
Interviews with major celebrities and powerful figures would be “better suited to what I do well”, he said.
Earlier this month it emerged that Piers Morgan had been questioned by police under caution over alleged phone hacking at Mirror Group Newspapers.
Piers Morgan has always denied any involvement in hacking.
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