He has promised to do no more reality shows, despite winning big audiences for the likes of 'The Farm'.
"I'm not going to do another reality show. For me, reality has been and gone," Chambers said.
As well as 'The Farm', which famously showed Rebecca Loos pleasuring a pig, Five was also behind the flop 'Back to Reality', which saw a host of reality stars holed up in a makeshift studio house. It has also been ditched.
Chambers, who helped launch 'Big Brother' while at Channel 4, attacked the show, which is due to air for another two years.
"I think 'Big Brother' has peaked now and it's on its way down. Time will come when they have to say 'we can't justify it any more'.
"When 'Big Brother' started six years ago, it felt like the most exciting thing ever. Now it's feeling a bit stale. Drama is in the ascendancy and reality is on the way out," he said.
Five also revealed it was boosting its channel budget by £10m to over £200m and plans to show drama, original comedy and current affairs shows.
New "brainier" shows for the channel include 'The Creation of Modern Man' and UK comedy series 'Suburban Shootout' described as a mix between 'Desperate Housewives' and 'Kill Bill'.
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