Phillip Schofield's replacement at British Soap Awards announced by ITV

Phillip Schofield is set to be replaced by Jane McDonald as the host of the upcoming British Soap Awards.

The award show will take place on Saturday and subsequently be aired on Tuesday at 8pm on ITV1 and ITVX.

Reacting to the announcement, the Channel 5 presenter described it as a “dream come true,” saying, “Oh my god…..everyone knows how much I LOVE my soaps, this year I’ve been honoured to be mentioned in Corrie, EastEnders and Emmerdale, so this is just a dream come true.”

“I can’t wait to see all our wonderful soap nominees and celebrate all their hard work with them - roll on the awards, I can’t wait!” she gushed.

The last-minute replacement comes after Schofield was terminated from ITV’s This Morning following an alleged falling out with his co-host Holly Willoughby.

Soon after the dismissal, the television personality was revealed to have been having an affair with a young employee at the show.

Phillip admitted to the “unwise but not illegal” affair with his coworker, which happened while he was in a 30-year marriage to his wife Stephanie.

“I am painfully conscious that I have lied to my employers at ITV, to my colleagues and friends, to my agents, to the media and therefore the public and most importantly of all to my family. I am so very, very sorry, as I am for having been unfaithful to my wife,” he said in a statement.