The long-running breakfast show presenter will step down as host of the programme in September.
Moyles, who made the announcement on his show at around 8am this morning (Wednesday, July 11), said: "We're off. I wanted to let you know. A couple more months of us, then it's someone else's turn. Thank you for listening."
He later feigned surprise when Dominic Byrne read out the news as part of his 8.30am bulletin, exclaiming: "What! Why wasn't there a big announcement?"
Moyles also joked that Tim Westwood would be taking over as his replacement, then later suggested that Johnny Vaughan would be taking over. He also thanked fans for the "lovely" messages that they had been sent.
Digital Spy music editor Robert Copsey and Sugarscape editor Kate Lucey react to the news:
The 37-year-old broadcaster is contracted to Radio 1 until New Year 2014, after signing a new deal last year.
New Radio 1 controller Ben Cooper had reportedly been under pressure to make changes to the station's line-up in order to make its audience younger.
Cooper said in a statement: "I'd like to thank Chris. Quite simply, he's been the most successful breakfast show host in Radio 1 history.
"He's done it for more than eight and half years and he's been fantastic."
Moyles's show has helped rise Radio 1's overall ratings from 9.73 million in 2004 to a high of 11.82 million in 2010. His current ratings however have dipped to just over 7.10 million listeners, from 7.52 million listeners this time last year.
[L: Chris Moyles at Radio 1's Hackney Weekend; R: Fundraising for Comic Relief by setting a broadcasting record]
He joined the station in 1997, before taking over the coveted breakfast show in 2004 from Sara Cox.
Along with long-time radio partner 'Comedy' Dave Vitty, Moyles broke the record for the longest-ever radio broadcast, which raised £2.4million for Comic Relief.
Moyles has signed up to star as King Herod in a new version of Jesus Christ Superstar from September.
[Radio 1 Breakfast Hosts Through The Years - Photo Gallery]
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Watch Chris Moyles and Comedy Dave starting their record-breaking broadcast for Comic Relief below: