Holly Willoughby set to sign new lucrative contract with This Morning amid summer break

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Holly Willoughby is reportedly set to sign a new lucrative contract with ITV chat show This Morning after speculation arose over whether the presenter had secretly quit.

Every year, the programme's regular presenters head off for their summer break, but it is normally always announced, and the stars even say goodbye to viewers for the holidays.

Yet Holly, 42, chose not to announce her summer break to fans earlier this month, instead opting for a low-key exit, and she was also missing from the ITV summer party, leading many viewers to believe she wouldn't be coming back.

However, it has now been reported that Holly is "far from quitting" and that she is set to sign a "lucrative new contract" with This Morning, which will apparently see her return in September after her summer break.

A source told Daily Mail: "Holly is going back. People have been saying she won’t for some time now but she is.

"ITV want her back, and they are delighted she has agreed. It will be made official shortly but it will save This Morning, it will ease a huge crisis that they are in.

"It most probably would have been game over for them if Holly had left."

OK! has contacted both ITV and Holly's representatives for comment.

It comes as Holly was recently spotted on a Portugal getaway with her husband Dan Baldwin, 48, and sons Harry, 14, Chester, eight, and daughter Belle, 12, during her summer break.

Elsewhere, it's been a tumultuous few weeks on This Morning after Holly's co-host Phillip Schofield stepped down from the show after 21 years with immediate effect earlier this year.

Phillip went on to resign from ITV all together and was dropped by his talent agency YMU after admitting to an “unwise, but not illegal” affair with a young male colleague on This Morning.

After the news was revealed, Holly took to Instagram to share a statement on 27 May, which read: "It has taken time to process yesterday's news.

"When reports of this relationship first surfaced, I asked Phil directly if this was true and was told it was not. It's been very hurtful to now find out that this was a lie."

Holly made her return to This Morning on Monday 5 June, where she addressed the Phillip scandal in an emotional statement to viewers at the start of the show, admitting she was "shaken and troubled" over the news.

Since Phillip's exit, Holly has been presenting the show with the likes of Craig Doyle, Dermot O'Leary and Josie Gibson.

This Morning continues on weekdays at 10am on ITV and ITVX.

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