Fans of The Great British Bake Off are waiting to find out if judges Mary Berry and Paul Hollywood will make the move to the series' future home on Channel 4 or follow the lead of presenters Mel Giedroyc and Sue Perkins by parting company with the show.

Giedroyc and Perkins announced on Tuesday that they would not be reprising their presenter roles when the show moves from the BBC to Channel 4 next year. Jo Brand has emerged as the early favourite to take over as host. She currently presents the Extra Slice spin-off show on BBC Two.

Other popular names in the mix include actress Jennifer Saunders, comedians Sarah Millican and Ed Byrne and presenter Davina McCall. The bookies are also offering odds on Giedroyc and Perkins changing their minds and presenting the next series, as well as odds on Bake Off returning to BBC One.

Jo Brand

In a joint statement announcing their departure, Giedroyc and Perkins said: "We were very shocked and saddened to learn yesterday [Monday] evening that Bake Off will be moving from its home. We made no secret of our desire for the show to remain where it was.

"The BBC nurtured the show from its infancy and helped give it its distinctive warmth and charm, growing it from an audience of two million to nearly 15 at its peak.

"We've had the most amazing time on Bake Off, and have loved seeing it rise and rise like a pair of yeasted Latvian baps.

"We're not going with the dough. We wish all the future bakers every success."

Sue Perkins and Mel Giedroyc "shocked and saddened" Bake Off is changing channel

According to Forbes.com, insiders believe that judge Berry will not make the move to Channel 4, although she has not confirmed her position yet.

The show is moving to Channel 4 after the BBC said it could not afford to keep the hit programme. Channel 4 has signed a three-year agreement with Love Productions, the makers of the series.

The news that Giedroyc and Perkins will exit the show is sure to come as a blow to Channel 4, which previously said it would "be delighted if the presenters and judges want to come to Channel 4."

When Berry's fellow judge Paul Hollywood appeared on BBC Two's Top Gear in June, the prospect of the show moving to a new home was raised. "It's not up to us; it's up to the production company," he said. "But as far as Mary, Mel, Sue and myself are concerned we want to stay on the BBC."

When the news that the show was leaving the BBC broke on Monday, a BBC spokesperson said the corporation would love to have kept the series but that the sides were "a considerable distance apart on the money".

"Working with Love Productions, we have grown and nurtured the programme over seven series and created the huge hit it is today," the BBC said. 

"We made a very strong offer to keep the show but we are a considerable distance apart on the money. The BBC's resources are not infinite. GBBO is a quintessentially BBC programme."

That statement, issued before the Channel 4 deal was announced, ended: "We hope Love Productions change their mind so that Bake Off can stay ad free on BBC One." The statement was re-tweeted by host Perkins.

The first Bake Off programme set to be broadcast on Channel 4 will be a celebrity version of the show in 2017, in aid of Stand Up to Cancer.

Nadiya Hussain was crowned the winner of The Great British Bake Off 2015

Richard McKerrow, Love Productions' creative director, said: "We believe we've found the perfect new home for Bake Off... It's tremendously exciting to have found a broadcaster who we know will protect and nurture The Great British Bake Off for many years to come."

The Great British Bake Off began on BBC Two in 2010 before moving over to BBC One in 2014. The programme currently airs on BBC One on Wednesday evenings.

Last year's Bake Off final was the most-watched show of 2015 in the UK, with 15.1 million people seeing Nadiya Hussain crowned champion.

The return of the show in August set an audience record, as 13.6 million people tuned in for the first episode of the seventh series.