Just a week after rumors that The CW's Arrow would soon be coming to an end, series star Stephen Amell officially confirmed that the show's upcoming eighth season will be its last.

During a livestream on Facebook, Amell thanked both the members of the Arrow team and the dedicated fans of the series that birthed DC's Arrowverse. Additionally, he took the time to explain exactly why the show will be ending, detailing the various aspects that ultimately led to the decision.

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"Towards the end of Season 6, I approached [executive producer] Greg Berlanti, who I will be thanking in a second, and said that I thought, both personally and professionally, that at the end of my commitment this coming season it would be the best for me to move on," Amell recalled. "I've always been a fan of television shows that not only don't overstay their welcome, but end in a manner that really packs a punch. And so, it had always been my hope that we would know when we were gonna finish this journey and not limp to the finish line, so to speak."

"After a lot of discussion, Greg and I decided that the best way to do this would be to have me come back for a limited run in Season 8, which is what we're gonna do," he explained. "And, from there, I had always hoped that beyond the 17 different shows that Arrow has spawned (I'm kidding, it's only like 16) that there was a possibility that the show could live on beyond me, because the entity of Oliver Queen and the character, and the mythos, and the iconography of Green Arrow has always been something that's bigger than me or any other actor that's playing him or voicing him. There's always been something more to it."

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"I spoke with [showrunner] Beth Schwartz and [series creator] Marc Guggenheim this past Friday and then Greg Berlanti this past Friday night and it was the decision of WB and CW and Beth and Greg and Marc, in a very mutual way, based off of what they thought was best for the show creatively and being very honorable and respectful as it pertains to my wishes, that we were gonna end after a 10-episode run next year," he continued.

From there, Amell spoke to some of the more personal reasons for his decision to hang up the bow and quiver for now. "Even though I've known that this is coming, it is still a very emotional time, because I have been on the show in what can only be described as a fundamentally transformational, nearly decade-long run in my life," he shared. "...who started as an actor who doesn't have a lot of experience, who was, you know, sort of dating someone, to now... a large part of this decision being because I am now a father and a husband and a lot of my life and interests now don't really reside in Vancouver anymore and thinking that that's the best thing for me personally and professionally. To say that it has been a real sea change over the past seven plus years would be a vast understatement."

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Amell has played the role of Oliver Queen since Arrow Season 1 debuted on The CW in October 2012. The show is currently in the midst of Season 7 and is slated to return for its eighth and final season during the 2019-2020 broadcast year.

"This was a difficult decision to come to, but like every hard decision we’ve made for the past seven years, it was with the best interests of Arrow in mind," Schwartz, Berlanti and Guggenheim told The Hollywood Reporter in a joint statement. "We’re heartened by the fact that Arrow has birthed an entire universe of shows that will continue on for many years to come. We’re excited about crafting a conclusion that honors the show, its characters and its legacy and are grateful to all the writers, producers, actors, and — more importantly — the incredible crew that has sustained us and the show for over seven years."

Airing Mondays at 8 pm ET/PT on The CW, Arrow stars Stephen Amell as Oliver Queen, David Ramsey as John Diggle, Emily Bett Rickards as Felicity Smoak, Rick Gonzalez as Wild Dog, Juliana Harkavy as Black Canary, Colton Haynes as Arsenal, Kirk Acevedo as Diaz and Katie Cassidy as Black Siren.