It comes just a week after the BBC confirmed it was axing Top Gear, the show that saw them shoot to fame from 2003 to 2015.
A source told The Sun: “It’s a surprising decision and everyone realises it very much marks the end of an era for the three presenters.
“The Grand Tour is one of Prime Video’s most watched shows and Jeremy, James and Richard have a devoted following.
“But the guys have made no bones about the fact they’re all advancing in years and they have lots of other projects to pursue.”
They added that the trio want to end the programme on a high while it is still popular with viewers.
Express Online understands the show itself might yet continue, with Prime Video exploring options on how to move forward.
The Grand Tour launched on Prime Video in 2016 and became a huge hit with their loyal fanbase as the car-enthusiasts took on a number of adventures.
Fans are still eagerly anticipating the third series of Clarkson’s Farm which can also be streamed on Prime Video with a fourth installment said to also be in the works.
James, 60, also has another one of his shows Our Man In… travelogues, which started in 2020, also airing soon.
There are still two more series of The Grand Tour to also air on Prime Video and both will air next year as the trio travel to Mauritania and Zimbabwe.
Back in the summer, Richard, 52, spoke on This Morning about the difficulties working on The Grand Tour as they all get older.
“It’s becoming increasingly difficult,” he explained to hosts Dermot O’Leary and Alison Hammond. “Because half the places we’ve been and half of the places we can’t go.”
They created The Grand Tour after previously presenting Top Gear as a trio up to 2015 when they left the BBC after tension with producers.
Meanwhile, bosses at the BBC announced Top Gear, which turned the trio into superstars, was being axed in the aftermath of a horrific crash involving presenter Andrew Flintoff.