Vaughan, who's engaged to Angie Harmon, has starred on the NBC soap as Eric Brady since 2012.
"I've finished my reign at Days," Vaughan said. "... For all my Days fans that are listening, I love you all. It's never over, so I'm not gonna say it's over. I’m taking a break, if you will."
Vaughan said he made the decision when Days "was going through a renewal negotiation and not knowing where they were going to go."
"I just felt my time was coming to an end anyways," he explained.
Vaughan's announcement comes just weeks after his co-star, Kristian Alfonso, announced that she's leaving the soap after 37 years. Her decision came after she was told she was going to be written off the show for months, before she'd be welcomed back with a storyline with a Navy Seal.
"At that moment I thought to myself, 'You know what, it's time for a change.' It was the perfect moment to make that decision," she told ET's Matt Cohen. "I was taken aback when he said that they wanted... to take me off camera for four to five months. It was not something that had ever been discussed, but that's what it was."
"I've had an incredible run there," she added. "I've had so many amazing friends and memories. I cannot say enough how I'll miss so many people working there and working with them, but they are in my life and we do socialize. But like I said, I think it's time."
Alfonso acknowledged she's had a "roller coaster of emotions" since her decision, but ultimately, she doesn't have any regrets.
"I tell my children all the time, if you feel it's time for a change then it must be, and take that leap of faith and believe in yourself," she said. "I don't know if I will continue in this business, but possibly. I have been getting calls and some interest on some projects, so we'll see."