The decision is believed to have been made by the duo, who are in their third year of doing the breakfast show.
The station is lining up a new presenter, thought to be an established name. Fierce competition for breakfast audiences in London has already led Capital and Heart to sign TV presenters Johnny Vaughan and Jamie Theakston, backing them with high-profile advertising.
Pete and Geoff's 6am to 10am show is in fifth spot in terms of reach among London's commercial stations, with 597,000 listeners in an average week during January to March. This had increased by 90,000 over the last quarter.
The show is currently only 38,000 listeners behind Kiss 100 FM's 6am to 9am 'Bam Bam Breakfast Show'.
However, Virgin Radio also has a national listener base on AM and digital, giving its breakfast show a total audience of 1.2m.
Pete and Geoff are likely to stay with Virgin Radio and may return to the drivetime slot, which they filled before moving to the breakfast show.
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