"He'll take the summer off and GMA can integrate him early before September," the PEOPLE source continued. "This will give Live! more time to find the co-host. He's totally fine. Now he can enjoy his summer."
Previous reports had claimed that Strahan was scheduled to transition over to "Good Morning America" from "Live!" in September. The news of his departure from the show, which he's co-hosted with Ripa for four years, broke a week ago and came as a surprise to many -- including Ripa herself.
See photos of Kelly Ripa through the years:
Kelly Ripa through the years
Michael Strahan is allegedly leaving 'Live!' much earlier than previously announced
385178 05: New co-host Kelly Ripa poses for a photograph during a broadcast of 'Live with Regis and Kelly,' February 5, 2001 in New York City. Ripa, who is known for her role on ABC's soap opera 'All My Children' replaces Kathie Lee Gifford who left the show in July 2000. (Photo by Spencer Platt/Newsmakers)
385178 12: Talk show host Regis Philbin and new co-host Kelly Ripa speak to the audience during a broadcast of 'Live with Regis and Kelly,' February 5, 2001 in New York City. Ripa, who is known for her role on ABC's soap opera 'All My Children' replaces Kathie Lee Gifford who left the show in July 2000. (Photo by Spencer Platt/Newsmakers)
Actress Kelly Ripa arrives at the Entertainment Weekly Academy Awards Viewing Party at Elaine's In New York City. 3/25/01 Photo by Scott Gries/ImageDirect
387734 26: Talk show host Kelly Ripa and her husband attend the 'VH1 Divas Live' April 10, 2001 at Radio City Music Hall in New York City. (Photo by Gerge De Sota/Newsmakers)
Kelly Ripa arrives with her son Michael and husband Mark Consuelos at the New York premiere of the new Disney film 'Atlantis: The Lost Empire' at the Ziegfeld Theater in New York City. 6/6/01 Photo by Scott Gries/Getty Images
389548 11: (FILE PHOTO) Kelly Ripa and Michael Joseph arrive at the Daytime Emmy Awards May 18, 2001 at Radio City Music Hall in New York City. Ripa, co-host of 'Live with Regis and Kelly' gave birth to an 8-pound 3-ounce baby girl named Lola Grace at 6:30 a.m. June 16, 2001 at a New York City hospital. (Photo by George De Sota/Getty Images)
398342 03: Talk show host Kelly Ripa attends the Coalition of Italo-American Association's 18th annual Leadership Awards Banquet December 7, 2001 at The Waldorf Astoria hotel in New york City. (Photo by George De Sota/Getty Images)
405362 06: Talk show host Kelly Ripa arrives for the Style and Substance Awards May 14, 2002 in New York City. The fundraising dinner is to honor women who have made the transition from welfare to the workforce. (Photo by Keith Bedford/Getty Images)
NEW YORK - FEBRUARY 8: Actress Kelly Ripa and husband Mark Consuelos attend the Sean John Fall/Winter 2003 Men's Collection fashion show at Cipriani 42nd Street during Mercedes-Benz Fashion Week February 8, 2003 in New York City, New York. (Photo by Evan Agostini/Getty Images)
NEW YORK - JUNE 11: (U.S. TABS AND HOLLYWOOD REPORTER OUT) TV Host Kelly Ripa attends MCC Theaters' opening night of 'Intrigue With Faye' after-party at West Bank Cafe June11, 2003 in New York City. (Photo by Evan Agostini/Getty Images)
BURBANK, CA - JANUARY 19: Actress/talk show host Kelly Ripa appears on 'The Tonight Show with Jay Leno' on January 19, 2004 at the NBC Studios, in Burbank, California. (Photo by Kevin Winter/Getty Images)
NEW YORK - OCTOBER 26: TV Personality Kelly Ripa attends the 16th Annual Women of the Year Luncheon on October 26, 2004 in New York City. (Photo by Peter Kramer/Getty Images)
NEW YORK - NOVEMBER 8: Actress Kelly Ripa arrives at the Glamour Magazine 2004 'Women of the Year' awards at the American Museum of Natural History November 8, 2004 in New York City. (Photo by Evan Agostini/Getty Images)
NEW YORK - AUGUST 10: Actress Kelly Ripa attends a special screening of Miramax's 'The Great Raid' at The Intrepid Sea, Air & Space Museum August 10, 2005 in New York City. (Photo by Evan Agostini/Getty Images)
EAST HAMPTON, NY - JULY 30: Kelly Ripa and Lola Grace Consuelos arrive at the InStyle Magazine and Donna Karan Present Super Saturday event July 30, 2005 in East Hampton, New York. (Photo by Brad Barket/Getty Images)
NEW YORK - OCTOBER 6: Daytime talk show hosts Regis Philbin and Kelly Ripa arrive to the 2005 IRTS Foundation Awards at the Waldorf Astoria on October 6, 2005 in New York City. (Photo by Brad Barket/Getty Images)
NEW YORK - NOVEMBER 14: Kelly Ripa attends the Angel Ball 2005 on November 14, 2005 in New York City. (Photo by Andrew H. Walker/Getty Images)
NEW YORK - NOVEMBER 9: Actress Kelly Ripa arrives for a taping of 'The Late Show With David Letterman' at The Ed Sullivan Theater on November 9, 2005 in New York City. (Photo by Scott Wintrow/Getty Images)
NEW YORK - JANUARY 09: Actors Kelly Ripa and husband Mark Consuelos attend the play opening night of 'The Little Dog Laughed' at Second Stage Theatre January 9, 2005 in New York City. (Photo by Paul Hawthorne/Getty Images)
NEW YORK - FEBRUARY 02: Television personality Kelly Ripa walks the runway at the Red Dress Fall 2007 fashion show during Mercedes-Benz Fashion Week in the Tent in Bryant Park February 2, 2007 in New York City. (Photo by Mark Mainz/Getty Images For IMG)
NEW YORK - MARCH 22: Actress Kelly Ripa and husband actor Mark Consuelos arrive for opening night of 'Curtains' on Broadway at the Hirschfeld Theatre, March 22, 2007 in New York City. (Photo by Evan Agostini/Getty Images)
SANTA MONICA, CA - APRIL 14: Host Kelly Ripa speaks onstage during the 5th Annual TV Land Awards held at Barker Hangar on April 14, 2007 in Santa Monica, California. The 5th Annual TV Land Awards show will premiere on TV Land network on Sunday, April 22, 2007. (Photo by Kevin Winter/Getty Images)
US actress and television talk show host Kelly Ripa (R) poses with Santa Claus as she unveils French luxury shop Cartier's Christmas windows along Fifth Avenue in New York, November 24, 2008. AFP PHOTO/Emmanuel Dunand (Photo credit should read EMMANUEL DUNAND/AFP/Getty Images)
NEW YORK - MAY 18: Kelly Ripa and Mark Consuelos attend the 69th Annual American Ballet Theatre Spring Gala at The Metropolitan Opera House on May 18, 2009 in New York City. (Photo by Andrew H. Walker/Getty Images)
NEW YORK - JUNE 28: TV personality Kelly Ripa attends the 10th Annual Trevor New York Summer Gala on June 28, 2010 in New York City. (Photo by Jason Kempin/Getty Images)
NEW YORK - JUNE 29: Kelly Ripa attends the celebration of Electrolux's new stand-alone refrigerator and freezer at Studio 450 on June 29, 2010 in New York City. TV personality Kelly Ripa teams up with Stephen Bruce, owner and founder of Serendipity 3, to build banana splits for a cause. When people visit www.kelly-confidential.com and build a virtual banana split, Electrolux donates $1 to ovarian cancer research. (Photo by Dimitrios Kambouris/Getty Images for Weber Shandwick)
NEW YORK, NY - APRIL 26: (L-R) TV personality Kelly Ripa and athlete Mark Consuelos attend the premiere of 'Off the Rez' during the 2011 Tribeca Film Festival at SVA Theater on April 26, 2011 in New York City. (Photo by Michael Loccisano/Getty Images)
NEW YORK, NY - MAY 18: (L-R) TV personality Kelly Ripa and Chef Tom Colicchio prepare recipes in the kitchen during the presentation of Kelly Ripa, Tom Colicchio & Electrolux Dial Down The Drama Of Last-Minute Entertaining at Center 548 on May 18, 2011 in New York City. (Photo by Mike Coppola/Getty Images for Electrolux)
NEW YORK, NY - NOVEMBER 17: Kelly Ripa attends a press conference on Regis Philbin's departure from 'LIVE! with Regis and Kelly' at ABC Studios on November 17, 2011 in New York City. (Photo by Rob Kim/Getty Images)
NEW YORK, NY - NOVEMBER 17: Regis Philbin and Kelly Ripa attend a press conference on Regis's departure from 'LIVE! with Regis and Kelly' at ABC Studios on November 17, 2011 in New York City. (Photo by Rob Kim/Getty Images)
NEW YORK, NY - APRIL 14: Fly girls / dancers Michelle Whitney Morrison, Lisa Marie Todd, Kelly Ripa, Deidre Lang and Laurie Anne Gibson attend the 10th Annual TV Land Awards at the Lexington Avenue Armory on April 14, 2012 in New York City. (Photo by Andrew H. Walker/Getty Images)
NEW YORK, NY - MAY 23: Kelly Ripa attends the 'Men In Black 3' New York Premiere at Ziegfeld Theatre on May 23, 2012 in New York City. (Photo by Stephen Lovekin/Getty Images)
NEW YORK, NY - NOVEMBER 27: Kelly Ripa and Mark Consuelos attend the Unicef SnowFlake Ball at Cipriani 42nd Street on November 27, 2012 in New York City. (Photo by Stephen Lovekin/Getty Images)
Kelly Ripa arrives at the 2014 Vanity Fair Oscar Party on March 2, 2014 in West Hollywood, California. AFP PHOTO/ADRIAN SANCHEZ-GONZALEZ (Photo credit should read ADRIAN SANCHEZ-GONZALEZ/AFP/Getty Images)
NEW YORK, NY - NOVEMBER 25: Kelly Ripa visits 'Late Night With Jimmy Fallon' at Rockefeller Center on November 25, 2013 in New York City. (Photo by Theo Wargo/Getty Images)
NEW YORK, NY - DECEMBER 02: Actress Kelly Ripa attends the Tenth Annual UNICEF Snowflake Ball at Cipriani Wall Street on December 2, 2014 in New York City. (Photo by Neilson Barnard/Getty Images for UNICEF)
HOLLYWOOD, CA - FEBRUARY 22: TV personalities Michael Strahan (L) and Kelly Ripa attend the 87th Annual Academy Awards at Hollywood & Highland Center on February 22, 2015 in Hollywood, California. (Photo by Frazer Harrison/Getty Images)
NEW YORK, NY - MAY 09: Actress Kelly Ripa attends the VIP Red Carpet Suite hosted by Ketel One Vodka at the 26th Annual GLAAD Media Awards in New York on May 9, 2015 in New York City. (Photo by Brad Barket/Getty Images for Ketel One)
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After skipping Wednesday and Thursday's shows, as well as taking her scheduled Friday and Monday off, Ripa returned to the show Tuesday and directly addressed the controversy. Sources had said that Ripa was "livid" over the Strahan announcement and had been totally "blindsided" by the news but, though Tuesday's show was slightly awkward, she was completely cool on air following the whole ordeal.
"Guys, guys, guys! Our long national nightmare is over!" she said on Tuesday to the live studio audience. "I am fairly certain that there are trained professional snipers with trained tranquilizer darts in case I go too far off message."
"The love, the show of support to this bizarre time has been really overwhelming," she continued. "I really needed a couple of days to gather my thoughts after 26 years at this company, I earned the right. In that time, I gained some perspective. I always speak from the heart and I didn't want to come out here and just say something I might regret. So, what transpired over the course of these days has been extraordinary. It started a much bigger conversation about communication and consideration and, most importantly, respect in the workplace."
She clarified that not only is "Live!" a workplace for her, but it's also her "second home," one that she's been a part of since 2000. Additionally, she talked directly to her soon-to-be former co-host, Strahan, telling him that she is "thrilled" for him, calling his upcoming gig at "GMA" a "tremendous opportunity."