The supermodel, 49, is exiting the Disney+ dancing competition series after three seasons as host, she told TMZ on Thursday.
“I feel it’s really time for me to focus on my business and my entrepreneurship, and also producing more TV — but behind the scenes,” Banks said in an interview with the outlet. “I think it’s time to graduate from the dance floor to the stock market floor. … from the ballroom to the boardroom!”
When asked to clarify if she was indeed stepping away from DWTS, Banks — who also served as an executive producer on the series — continued, “Don’t you think it’s time? Yeah, I think it’s time,” adding: “I’m an entrepreneur at heart. … I think my heart, my soul, is into my business, it’s also into producing new TV. … But, I really, really want to focus on my business, and you can’t do that hosting a show.”
Representatives for both Banks and DWTS did not immediately respond to PEOPLE’s request for comment.
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Eric McCandless/ABC via Getty Images Tyra Banks
“I’ve been a fan of DWTS since its beginning … The fun mixed with raw emotion, seeing celebrities push past their comfort zones, the sizzling dance performances … it’s always transported me to my days of turning it up 10 notches on the catwalk,” Banks — who also become an executive producer on the series — said in a statement at the time.
Dave Kotinsky/Getty Images; Tim Mosenfelder/Getty Images Tom Bergeron and Tyra Banks
Bergeron, 67, had previously hosted the reality dance competition alongside a variety of co-hosts since its premiere in 2005. Andrews, 44, joined Bergeron as a co-host in 2014.
Banks, meanwhile, was previously a co-host of America’s Got Talent on the show’s 12th season, the host of The Tyra Banks Show and was the creator of America’s Next Top Model.
She’s launched a number of business ventures over the years, including SMiZE Cream, her own ice cream brand.
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Speaking with PEOPLE not long after her hosting gig was announced, Banks said, “Dancing with the Stars is one of the biggest shows on TV, with a huge audience, and I really respect that.”
“I can’t come in with a battering ram and try to change everything. That would be a bad business decision and dumb leadership. So I’m not doing that,” she continued.
“I listened to research, I listened to the fans, I killed half of my ideas and then I doubled down on some of them,” Banks added. “We want to implement those ideas but still respect the show — and add a little pixie dust!”
In July 2022, ABC announced that Alfonso Ribeiro would be co-hosting season 31 of DWTS alongside Banks. It also marked the first season of the series moved to stream on Disney+ instead of airing live on ABC, where it first debuted.
Season 32 of Dancing with the Stars is expected to air on Disney+ this fall.