It was announced last month that TV newcomer Erin Mullally is to take over the role because Sorensen is quitting the Ramsay Street soap.
Speaking to TV Week about Declan's future, Sorensen commented: "I'm really happy the character's going to continue because the producers and writers have given Declan some fantastic storylines. I'm really proud he's become as popular as he has."
Meanwhile, revealing the reasons for his exit, the star explained: "There are some other interests aside from acting that I want to pursue and, after three years on the show, I feel that now is the right time for me to leave.
"I'm not planning to walk away from acting forever, because it's a real passion of mine. I know I'll return to it at some point down the track."
Mullally will first appear as Declan on UK screens in the summer.