Ant and Dec’s Saturday Night Takeaway is being axed after seven years due to high running costs it has been reported.

The duo will continue to work for ITV, they are currently working on new TV show ideas and negotiating their contract with the channel.

A source told the News Of The World: “Ant and Dec have been involved in discussions about Takeaway and are working on a replacement show. It was their baby and the show they loved the most. They’re really going to miss making it.

“But it costs a huge amount to make. The stunts are really expensive and in the credit crunch they can’t be justified. The boys are really excited about the new formats though. They are working furiously at the moment to get them just right.”