The hilarious comedy duo of Keegan-Michael Key and Jordan Peele, otherwise known as Key & Peele, will be pulling the plug on their popular Comedy Central series Key and Peele after the end of this current, fifth season, reports Variety.

According to Key, it's simply time for the pair to "explore other things, together and apart." His comparisons to Gene Wilder and Richard Pryor, who branched out as movie stars after a long string of hits as a duo, may lead some to believe that the two want to pursue more projects independent of one another -- at least for some time -- before they decide to collaborate once again.

Key and Peele has been on the air for five seasons, starting in 2012. But the comedians have been partners in comedy for much longer than that. Both were previously cast members on sketch comedy TV show MADtv -- Key for six seasons and Peele for five. Both also recently had co-starring roles in the first season of Fargo, and Key also made some appearances in the final season of Parks and Recreation. Key also gained attention playing his character of President Barack Obama's "anger translator" at the White House Correspondents' Dinner earlier this year.

In addition to his own set of original characters, Peele is also known for his many celebrity impersonations, including the President (often to Key's angry translator), as well as more animated characters like Ja Rule and Flavor Flav. He also penned the Emmy-winning song "Sad Fitty Cent," mocking the rapper's rivalry with Kanye West back in 2008.

Season 5 of Key and Peele debuted earlier this month, and will run through to September after which the show will reach its official end. The show has been a tremendously successful addition to the Comedy Central lineup, having received seven Emmy nominations this year alone, including one for Outstanding Variety Sketch Series and Outstanding Supporting Actor in a Comedy Series for Key.

Several projects are already in the works involving the pair going forward, including the Police Academy reboot, a potential TV show for Comedy Central, and a Paramount movie adaptation centred around one of Key's most popular sketch characters, Substitute Teacher.

You can catch the remaining episodes of Key and Peele on Comedy Central every Wednesday at 10 p.m.