The former Olympian was eliminated over Mark Wright and Dougie Poynter, who will now compete to be crowned King of the Jungle in tomorrow's final.
Whitbread embraced both boys after Ant & Dec revealed the news and was urged by Wright to "be proud" of all she had achieved in the jungle.
Speaking after her exit, Whitbread said that she was "absolutely delighted" to have taken part in the show, but was disappointed to have not reached the final.
"[It has] been an enormous journey for me and sharing it amongst other new-found friends has been a real pleasure," she commented. "It would have been nice to go through the finishing line first but there have been some very tough contenders this year."
Whitbread was also forced to relive the moment that she got a cockroach stuck up her nose during a bushtucker trial.
Stating that quitting the challenge was "never an option", the 50-year-old recalled: "There [was] something alien in [my] body and I could feel its leg scratching up there."
On her rivalry with campmate Antony Cotton, Whitbread said: "I've grown to love Antony, he's a good man. But [he is] larger than life and I do feel sometimes he would like to skive a little bit."
Whitbread concluded the interview by declaring that Peter Andre's surprise appearance in camp had been "a dream come true" and named Wright as her pick to win the series.
Cotton was also eliminated from the show earlier tonight (December 2).
The I'm a Celebrity...Get Me Out of Here final airs Saturday, December 3 at 9.30pm on ITV1.