Published Wednesday, 21 April 2010
Meanwhile fellow GMTV presenter Kate Garraway is undergoing hospital treatment for appendicitis.
Speculation over future changes to the presenting line-up has been rife in recent months, fuelled by the news in March of Penny Smith's departure and Monday's announcement that Adrian Chiles is joining the show.
But sources close to the ITV programme said that Shephard had indicated some time ago that he was planning to move on, before the deal with Chiles was signed.
His contract is due to end in the coming weeks but he is expected to carry on presenting the show through the summer.
Shephard, 35, who also presents revitalised 1980s game show The Krypton Factor, is understood to be in discussions about fronting other shows for the broadcaster.
The father of two, a Birmingham University graduate, joined GMTV as a presenter in 2000.
Meanwhile, a spokeswoman for Garraway said that she had been taken to hospital on Monday and was being treated for appendicitis.
Colleague Emma Crosby has stepped in while Garraway recovers and programme makers are waiting to find out how she is getting on.
"She is expected to be back in a week or so," the spokeswoman said.
Chiles's new ITV job is understood to be worth around £1m a year and will see him front GMTV and present ITV's football coverage after signing a four-year deal.