ITV bosses have 7 days to save This Morning as furore over Phillip Schofield saga grows

But sources have told GB News it can still be rescued.

One told us: “There’s no doubt the future of This Morning is up in the air, but it’s not dead yet. The programme remains one of the jewels in the crown for ITV so scrapping it is the last thing they’ll want to do.

“The next seven days are crucial. Executives need to prove that they are addressing the issues that have emerged following Philip’s revelations.

“If they can prove that to This Morning staff, and most importantly to This Morning viewers, then it could still be saved.”

The source said it’s highly likely the show will need to address what is happening in tomorrow's episode.

“They know a huge number of people will be tuning in on Monday to watch. It will be like slowing down for a car crash. People will want to see how bad the damage is. So the pressure will be on, straight away, for the programme to demonstrate to viewers that they are making changes which will win back their trust. They can't just bury their heads in the sand and stay on with the show. How they deal with this crisis is crucial.”

Yesterday GB News exclusively revealed how Holly Willoughby’s future on the show was hanging by a thread.

A source said: “Philip has admitted he lied to everybody and hid the truth. But in the days ahead, more and more questions are going to emerge as to whether that could really be the case.

“Many in ITV are asking how Holly could have worked with Philip for so long and not been aware of certain things.

“Even if it is proved she had no clue, it will still leave a huge cloud over Holly moving forward on the show.

“There’s a growing feeling it might be better both for her and for the programme to move on so that a line can be drawn under things.

“Whether she has a future on the show really is hanging by a thread. There’s a sense that the situation is fast becoming untenable for all involved. Holly is naturally angry and upset at the idea her name could be dragged through the mud like this. But This Morning is bigger than any one person and ITV will do whatever it takes to save it.”

Our story comes as speculation grows that further damaging revelations could be about to emerge in relation to Schofield and his time on the This Morning sofa.

A source added: “This isn’t the end of it. There’s a feeling that Philip released his statement to try and limit the damage of what might be about to come next. There are going to be more questions for ITV to answer as well. Executives there are frantically trying to get their ducks in a row. But what is fast emerging about Schofield is a picture of a presenter who effectively felt he ruled the roost - and those who tried to do something to raise concerns weren't listened to."

Holly last night sought to distance herself from the scandal by saying Philip had lied to her.

Schofield released a statement on Friday confirming he was involved in an "unwise" relationship with a younger man from ITV's flagship daytime programme.

He said: “I did have a consensual on-off relationship with a younger male colleague at This Morning.

“Contrary to speculation, whilst I met the man when he was a teenager and was asked to help him to get into television, it was only after he started to work on the show that it became more than just a friendship.

"That relationship was unwise, but not illegal. It is now over.”

Schofield's agent, a spokesperson from ITV and Willoughby all voiced disappointment about the revelations.