ABC announced that it will end the long-running daytime drama in January 2012. The network will also pull One Life to Live off the schedule in September 2011.
Lucci has portrayed Erica Kane on Children for 41 years. She won the Daytime Emmy award for 'Outstanding Lead Actress in a Drama Series' in 1999 after being nominated 21 times.
"It's been a fantastic journey," the 64-year-old actress said in a statement about the show's end.
She added: "I've loved playing Erica Kane and working with Agnes Nixon and all the incredible people involved with All My Children. I'm looking forward to all kinds of new and exciting opportunities."
Kelly Ripa expressed her sadness over the cancellation of All My Children on Thursday. The actress and TV host met her husband Mark Consuelos while working on the show.
Castle star Nathan Fillion, who appeared on One Life to Live in the 1990s, also said that he will miss the soaps.