James Corden will give CBS audiences one more year of signature sketches like “Carpool Karaoke” before driving away from his late-night perch.

The late-night comic, who has been at the helm of CBS’ “Late Late Show” since mid-2015, has extended his contract with CBS until the Spring of 2023, after which he will leave. The host is expected to discuss his decision on Thursday’s broadcast of the program.

CBS is considering replacing Corden’s distinct program with a multi-host panel, according to three people familiar with the matter, a sign of how late-night is changing as viewers sample the best of the programs via social media rather than watching them in their wee-hours’ time slot.

A panel format could encompass a wide range of concepts, such as the news-roundtable program “Politically Incorrect,” which Bill Maher led on ABC late-nights between 1997 and 2002; the gossipy “Chelsea Lately” that was led by Chelsea Handler on E! between 2007 and 2014; or even the frenetic game-show stylings of “@midnight,” which aired in late night on Comedy Central between 2013 and 2017.It’s entirely possible the replacement show may not have a live band or other trappings that have come to be expected from the format.

CBS’ discussions are in early stages, these people caution, and executives at the network, part of Paramount Global, are mulling a wide range of ideas and potential personalities.

CBS declined to comment on its deliberations for “The Late Late Show,” which launched in 1995 and has been hosted over the years by Tom Snyder, Craig Kilborn and Craig Ferguson, in addition to Corden.

Sources told Brian Stelter for Los Angeles Magazine that the late-night show, hosted by James Corden since 2015, cost $60 million to $65 million a year to produce but only made less than $45 million.

"It was simply not sustainable," an anonymous executive told Stelter: "CBS could not afford him anymore."

Corden announced his exit as a host in April 2022, but it was unclear at the time if the Late Late Show franchise would continue.

But keeping Corden on board was a costly expense. According to Variety, Corden's salary was around $4 million to $5 million when he first signed onto the show in 2015. His pay increased an undisclosed amount in 2019 to ensure the British host stayed onboard for another three years.