The longtime cast member is departing the series after nine seasons on the NBC sketch show, a source close to the show confirmed to CNN.
Moynihan's final appearance on the show will take place this weekend for SNL's season finale which will feature host Dwayne Johnson and musical guest Katy Perry. CBS recently picked up the pilot for a new sitcom titled "Me, Myself & I", which will star Moynihan and John Laroquette.
Moynihan has proven himself to be one of SNL's strongest cast members since he joined in 2008 and has since become one of the most popular and recognizable comedians now on the show. After completing his seven-year contract on SNL, Moynihan scored a two-year extension and had previously planned to leave after this current season.
He created and played the character "Drunk Uncle" and lampooned New Jersey Gov. Chris Christie, New York Times reporter Glenn Thrush and Food Network chef Guy Fieri.
As Deadline reports, Moynihan was in attendance at the CBS presentation to introduce the new show, noting that he was in a hurry because he had to get back to his "other show". Moynihan, Larroquette and Jack Dylan Grazer will star as one character at different points in his life.