However, given that both Mary and Mel & Sue have all chosen not to make the move, as they want to stay at the channel they’ve called home for the past seven series, Paul’s decision to jump ship has not been warmly received on social media, with many Twitter users crying “traitor”...
Paul’s official statement has also rubbed a lot of people up the wrong way, most notably due to the fact that Mary is noticeably absent when he reflects on his time on the show.
He says: “I am delighted that I will be continuing as a judge when ‘Bake Off’ moves to Channel 4. I want to thank the BBC and Mel and Sue for making my time in the tent great fun and really rewarding.”
Paul Hollywood, in statement explaining C4 move, thanks "the BBC, Mel and Sue". OUCH! #PoorBezza
Although it’s not yet known when the eighth series will air, it has been revealed that the show’s run on Channel 4 will kick off with a celebrity special in honour of Stand Up To Cancer in 2017.
Jo Brand
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The obvious choice - Jo fits in well with the 'Bake Off' brand (IF YOU'LL PARDON THE PUN) having hosted spin-off show extra slice for the past three years.
She was also named the bookies' favourite, more or less as soon as Mel and Sue announced they were stepping down.
Davina McCall
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Channel 4 and Davina go way back, with 'Big Brother', 'The Million Pound Drop' and 'The Jump' all among the projects she's worked with on C4 in the past.
On Twitter, hers is the name we keep seeing crop up time and time again, either from people crying out for her to get the job, or pleading with Channel 4 not to give it to her.
Alan Carr
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Another of Channel 4's go-tos, Alan at the helm of 'Bake Off' would be a complete change in direction for the show, with his energy and buoyant enthusiasm contrasting heavily with Mel and Sue's more subdued and laidback approach to presenting.
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Nadiya Hussain and Tamal Ray
BBC
Reigning champ Nadiya has already forged a successful career as a TV personality for herself, and it didn't even take her a year after she won, so putting her in charge might seem like a natural progression.
In our opinion, it would be a bit too obvious, though, but we'd definitely be in favour of her forming a new double act with runner-up Tamal, with whom she got along like a house on fire in their days on 'GBBO'.
John Whaite
Steve MeddleITVRexShutterstock
That said, John Whaite has always held a special place in 'Bake Off' fans' hearts since his victory in the third season.
Like Nadiya, he too has managed to bag himself a career in TV, so we wouldn't be surprised if the offer fell at his feet either.
Olly Murs and Caroline Flack
Doug Peters/Doug Peters
'Ready... set... BAKE... no wait... erm... not yet, don't bake yet. OH WAIT. No, do bake. So yeah... bake. Sorry about that.'
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Julian Clary
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He might seem like a bit of a left-of-field choice for the gig, but when you think about it, he's a perfect fit for 'Bake Off'.
Julian is the undisputed king of innuendo, and his soft-spoken style lends itself perfectly to the 'Bake Off' tent.
He's also become a dab hand at light entertainment since his 'CBB' days, appearing on the panel of 'Your Face Sounds Familiar', as well as fronting 'Nature Nuts' and appearing on 'Give A Dog A Home'.
Geri Horner
Doug Peters/Doug Peters
Anyone who's been keeping an eye on Geri's Instagram page will know she's become a baking devotee since her winning stint on celebrity 'Bake Off', and this video of her interviewing Avril Lavigne proves she's certainly got a unique interviewing style.
Hmmm.... maybe not.
Emma Willis
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Another star whose name has repeatedly been cropping up.
Emma must be so stressed out interviewing the stars of 'Celebrity Big Brother' twice a year that we'd be quite happy for her to land a presenting gig that's a bit more... calming.