The political analyst joined the show last year.
"Having worked with her for most of the last year, you know the warmth, smarts, and professionalism she has brought to the job every day," executive producer Bill Wolff wrote in a note shared with show's staff today. "She will always be a friend of our show, and I know you join me in wishing her only the best."
Wallace, 43, previously worked as the communications chief for George W. Bush and as a senior adviser for John McCain's presidential campaign. She's also a published author.
In addition to Wallace, Rosie Perez will also not be returning after this season.
However, it was recently announced that next season, comedian Michelle Collins will join Whoopi Goldberg and Raven-Symone on the "View" panel.
