The TV chef and restaurateur will apparently say goodbye to the network that skyrocketed him to fame when his contract expires at the end of this year, Variety reported Thursday.
Flay had been in negotiations with the Food Network for a while and the network ultimately ended the negotiations when the parties couldn't agree on financial terms, the outlet, citing insiders, reports.
Reps for the Food Network and Flay did not immediately return Fox News' request for comment.
Flay's departure will be quite the surprise for fans as he's been a mainstay at the channel since 1994. He's been the face and host of several shows, including "Beat Bobby Flay," "Brunch at Bobby's" and Grillin' and Chillin'."
He's also been known for his appearances on the competitive shows "Chopped," "Worst Cooks in America," "The Best Thing I Ever Ate," "Iron Chef America" and "The Next Food Network Star."
The tastemaker is also the host of a newer series at the network titled "The Flay List" which also stars his daughter Sophie. Other past namesake shows of his include "Throwdown! with Bobby Flay" and "Bobby Flay's Barbecue Addiction."
Despite his massive success from his involvement with the Food Network, the star has also penned several books. He is also known as the first-ever television chef to be recognized on the Hollywood Walk of Fame, per Variety.
In May of this year, Flay opened his first Italian restaurant named Amalfi in Las Vegas. He and his daughter Sophie also launched a podcast titled "Always Hungry."
On his personal website, Flay credits the network for having "allowed me to play out my thoughts and dreams on the screen."
"From cooking every iteration of dishes with chile peppers on various grilling shows like ‘Boy Meets Grill’ and ‘Grill it!’, to fierce culinary competitions like ‘’Iron Chef America', ‘Throwdown and Beat Bobby Flay.’ Food Network now owned by Discovery is thinking bigger than ever as evidenced by my current addition to the network, ‘Bobby and Giada in Italy.’ I was told by a very wise man once that if I learned how to cook it could take me anywhere in the world I wanted to go. I wasn’t sure what he meant as a 17 year old kid. Food Network has allowed me to find that answer," it reads.