The singer was sent home after receiving the least amount of viewer votes for his self-created Happy Days routine and a repeat performance of his favourite dance to LMFAO's 'Sexy and I Know It'.
He finished in third place on the leaderboard with 56 compared to Matthew Wolfenden's 58.5 and Jorgie Porter's 59, but still managed to score his first perfect 30 for his second dance.
Christopher Dean said of Chico: "[He was a] worthy finalist, he could have gone on to be in the final, it was so close."
Chico said: "I've fallen in love with a sport that I never thought I would.
"Thank you for giving me this chance to come back and show you the real me. I love you, and thank you."
Speaking of his dance partner Jodeyne Higgins, he added: "This is the most incredible lady, truly. My wife is back there, but this one is second best."
Chico dropped Higgins during his Happy Days routine, but was praised by the way in which he instantly continued the dance.
He was highly congratulated for his second performance, and matched both Wolfenden and Porter by achieving his first perfect 30.
Wolfenden and Porter will now go on to skate Torvill and Dean's famous bolero routine to find out who will be crowned Dancing on Ice champions.