After more than 28 years hosting 'Live!,' and an astonishing 17,000 hours on live television, it's time for Regis Philbin to hang up his hat and leave what he calls, "The best job in TV."

But just because he's saying goodbye to 'Live!' with Kelly Ripa -- and Gelman -- doesn't mean that he's leaving the entertainment business for good. After five decades on live television, Regis Philbin doesn't know how to not be on TV.

"I'm still looking for something," Philbin tells AOL TV. "People think that he's retiring, but he's not," his wife, Joy Philbin, adds. "He's just moving on to something new."

We caught up with Philbin and his wife, Joy, before his big farewell on 'Live!,' to talk about life after live television, what's next and why reality TV isn't for Regis.

You're leaving. I can't imagine what that feels like for you.
RP: Bittersweet. That's the word I come to when I think about it. You know, on one hand I'm looking forward to a change, but on the other hand, I'd hate to say goodbye to the show that I started 28 years ago and all of the people that have been involved with it since then have meant a lot to me, so it's going to be difficult to say goodbye to them.

You're in the Guinness World Records book and approaching 17,000 hours on television, so are you planning on getting some rest now?
RP: Yeah, that's pretty incredible. so I hope to get some rest.

JP: But not too much rest, Crystal. People say that he's retiring, but he's not. He's just moving on, and he wants to do something else after 28 years. That's just the years that he's been in New York with the morning show, but he's been on television since we were married 1,000 years ago.

Do you have a co-host in mind for Kelly?
RP: Oh no, that's a decision that's up to Kelly and Gelman and the ABC people, and you know, it's going to take some time. They have to let people come in and have them sit with Kelly and see how she feels about it.

One of the producers said that the process of finding a new host is kind of like dating.
RP: Well, that's how Gelman found his wife, I guess. He had to test drive them out before he finally found somebody. But yeah, that's kind of like what it's like. You get involved with someone for an hour, and then they go out the door and they're evaluated.

JP: Regis dated for about six months before they were absolutely sure that Kelly was perfect.

Joy, you've co-hosted before. Is it a lot of work?
JP: You know, it's really a fun show to do. The only part of it that made me worry was the opening host chat because I had no idea what Regis was going to talk about or ask me, and that's the way that he's always wanted it. I think that's what makes it so good. It's always spontaneous. It's so much fun. The audience is great, the set is electrifying. It's probably the best job on television.

RP: Oh, I know it's the best job in TV. I know that, Joy!

You're leaving the best job in TV, so what's next?
RP: Well, I'm trying to make a decision or at least think about what could be next. Of course, reality shows are everywhere, and I've talked to a lot of people about them. People think that I made a pilot, but I never made a pilot. I just went out with a camera crew, and we spent a couple of hours putting together a two-minute piece to show me what it would be like. After I saw it, it didn't attract me that much. But there are other areas too, like scripted television, situational comedies and variety shows. But nothing right now has appealed to me, so I'm still looking for something.

Any chance we're going to be seeing you on 'Dancing With the Stars' next season if your knee feels better?
RP: Oh, no, no. That's too much for me! I thought about that, though, back when I was kidding myself. It's a good show, but it's not for Regis.

JP: You're going to need Advil day and night for that.

Are there any shows that you're planning to catch up on now that you'll have more time?
JP: Just a lot of football, Crystal. Regis also likes his stock-market channels, so that's what I see us doing. It's sending chills down my spine just thinking about it!

Joy, what is it going to be like having him home a little bit more, especially in the mornings.
RP: It will be nice, right?

JP: Well, it's going to be fun, at first.

RP: For the first 48 hours, she means, and then ...

JP: I give it two or three days! No, I think he needs to have some freedom because, while the 'Live!' show has been a wonderful part of our lives, it does have its restraints. It will be nice to have the freedom to be able to travel and go to Los Angeles and see our kids and our grandchildren and not have to worry that, 'Monday morning is coming soon, so we have to go.' But I think Regis is going to take some time off and relax, but he's got some other things planned, don't you?

RP: Oh yes!

At least I hope you do. I can't imagine television without you. I've grown up watching you every morning.
RP: Thank you, Crystal. I feel very old now, but that means a lot to me.

Tell us: Are you sad to see Regis go? Check out Regis' career highlights below.