Knight, who takes up the editorship in April, is currently a freelance writer working mainly for The Observer.
Schofield will remain to contribute regularly to The Sunday Times Travel Magazine, which is published by River Publishing in association with The Sunday Times.
Knight claimed that only a "special job such as this" would entice her to take a staff job, having freelanced for most of her working career.
Jane Wynn, editorial director at River Publishing, said: "We're delighted that such a talented and well-respected travel journalist as Jane Knight has agreed to fill Brian's pretty hefty boots. Jane is the ideal person to take Travel onwards and upwards."
The Sunday Times Travel Magazine launched in January 2003 and is a bi-monthly newsstand magazine aimed at mid- to upmarket holidaymakers.
Departing editor Schofield said: "I'm afraid I'm just another one of those magazine editors who's realised they want to get back into travelling and writing. It's a case of: 'Mission accomplished -- now where's the beach?'."
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