The 45-year-old Today show co-host officially parted ways with NBC on Monday, a little more than a week after the release of a 2005 tape in which he's heard laughing and joking as Donald Trump makes lewd comments about women.
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Bush had appeared on the third hour of the Today show since August. He was suspended indefinitely on Oct. 9, two days after The Washington Post leaked video of a vulgar conversation between Trump and Bush, who was then co-host of Access Hollywood.
"Billy Bush will be leaving the Today show’s 9am hour, effective today," the morning show's senior VP Noah Oppenheim wrote in an internal memo to the program's staff on Monday. "While he was a new member of the Today team, he was a valued colleague and longtime member of the broader NBC family. We wish him success as he goes forward."
Marshall Grossman, the Los Angeles litigator hired by Bush last week, had been negotiating terms of his exit with NBC before the announcement. Details regarding the settlement remain undisclosed.
"NBC is basically paying Billy Bush millions of dollars to go away, we don't know exactly how much money," CNN’s Brian Stelter told ET on Tuesday. "NBC is not commenting and Billy Bush's lawyers are denying a report of $10 million, so that tells me it could be seven, eight, nine million dollars for Billy Bush."
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"That report is false," Grossman told ET. "There is no $10 million agreement and that amount has not been discussed. Negotiations are ongoing between the parties."
According to Stelter, "Bush has no non-compete clause" in his contract with NBC, which means he "can join another network right away," adding that "it's going to be really interesting to see what he does and what network is interested in hiring him."
Stelter also believes that NBC is in no hurry to find a replacement for Bush on the Today show.
"I'm sure Carson Daly is at the top of the list," he explained. "Willie Geist, Peter Alexander, there's a number of men at NBC who are logical options for the network."
In the meantime, ET can confirm that Mr. Robot star Christian Slater is scheduled to fill in this week on Wednesday and Friday, while Eric Dane will fill in on Thursday.