The BBC Strictly twitter feed confirmed his departure with a series of tweets.
Sir Bruce Forsyth with his co-host Tess Daly
"After 10 wonderful years & 11 series, Sir Bruce Forsyth has decided to step down from the rigours of presenting our live shows", they tweeted, before adding: "Sir Bruce is one of the great showbiz legends of our time and our success is due in vast amounts to him. This is not farewell!"
The presenter and entertainer, whose career has spanned 74 years, will continue to present the special episodes of the show, including the Christmas and Children In Need specials.
After 10 wonderful years & 11 series, Sir Bruce Forsyth has decided to step down from the rigours of presenting our live shows.
In a statement released by the BBC, Sir Bruce said: "I am very proud of what the show has achieved and confident it will entertain the nation for many years to come. I am also delighted that by presenting the Christmas and Children in Need shows I will continue to have a strong association with Strictly."
BBC One controller Charlotte Moore called Sir Bruce a legend and credited the 86-year-old with the show's success.
"Sir Bruce Forsyth is one of the great showbiz legends of our time and Strictly's success is due in vast amounts to him", she said. "I am so pleased he will continue to be part of the Strictly family and promise viewers that we haven't seen the last of him on BBC One."
Bruce with wife Wilnelia
The British television show features professional dancers partnered with celebrities from around the world competing in ballroom and Latin dances.
Primarily running on Saturday evenings, Sir Bruce has been joined by Tess Daly in presenting the show.
There has been no announcement about who will replace him on the show however odds are already on who will be Tess's new co-host.
Anton du Beke is the favourite at 7/4, followed by Grahama Norton, John Barrowman and Claudia Winkleman.
WHO DO YOU THINK SHOULD REPLACE SIR BRUCE ON STRICTLY COME DANCING? LEAVE YOUR COMMENTS IN THE BOX BELOW.