Fox has announced the judge is parting ways with the franchise after five years following MasterChef Junior's upcoming fourth season, according to the Hollywood Reporter.
"Graham has been an incredible judge and mentor both on MasterChef and MasterChef Junior," production companies Endemol Shine North America, One Potato Two Potato and Fox said in a joint statement obtained by the Reporter.
"He's provided insightful guidance and support to hundreds of participants who have entered the MasterChef kitchen, and he has played an integral role in discovering some of the country's greatest home cooks. Graham will always be a part of our MasterCheffamily, and we wish him all the best in his next chapter."
Elliot's departure is on the heels of Joe Bastianich's late 2014 exit from both reality series.
While Bastianich had been replaced by pastry chef Christina Tosi, Elliot's replacement won't be named until some time next year.
"We've all loved having Graham as part of the MasterChef family, and the exciting and interesting part of reality television is that it's always evolving and changing," MasterChef and MasterChef Junior executive producer and judge Gordon Ramsay added in the statement.
Elliot's other television projects include serving as the host of Food Network's Craziest Restaurants in America.
Fox has also revealed the first-ever celebrity MasterChefspecial, which will pit celebrities such as Gigi Hadid against other stars for charity, is slated to debut January 18.