In an exclusive statement to PEOPLE, Hasselhoff, 57, says, “I am proud that I was part of making America’s Got Talent the No. 1 rated show for the past four summers. It’s been a rewarding experience and now I’m thrilled to be able to follow my dream to do my own TV show, which will be announced very shortly.”

Hasselhoff adds, “I want to thank my friend, (executive producer) Simon Cowell, and everyone at NBC and Fremantle for the opportunity for four great years.”

Details of his new project have not been released.

A statement from NBC says, “David’s been an integral part of the success of America’s Got Talent and we are sad to see him go. We wish him all the best with his new show.”

NBC sources say that they will be looking for a new judge to fill Hasselhoff’s seat when the show resumes next summer for the fifth season, but no names have been cited as potential replacements.

/People/