During a Wednesday appearance on KTLA Morning News, the 43-year-old actor (and one-time frontrunner for the Live gig) revealed that he knew he wasn't getting the full-time job.
"For those who don't know, I co-hosted the Live With Kelly, now Live With Kelly and Ryan show," O'Connell explained on-air. "I love it. I love her. It's just, I mean, you guys know, you do live TV every day, there's really nothing like it."
"I said it before and I'll say it again, doing it with her... Kelly's the best," he added.
While the actor's wife, Rebecca Romijn, made her disappointment
with Seacrest's casting known, O'Connell seemed to take the news in stride.
"I just left my house. I've been crying the entire day. This is my first public appearance," he joked. "I knew. I did know. And it is a little scary, because you know some secret information that stockholders, like people of power... the decision that people in power have made."
"But he's great," O'Connell added of the former American Idol host. "I know him. He's great for that job. I still, like a weird ex, I watch them every morning. It's like going to check your ex's Facebook page, let's see what they're up to."
"It's such a fun job. It's just such a fun thing to do," he added of whether he'd like to host his own show in the future. "It's fun to come out and just have a good time."
See more on Live With Kelly and Ryan in the video below.