NBC News fired "Today" show host Billy Bush after he was caught on tape in a vulgar conversation about women with Republican presidential nominee Donald Trump before an "Access Hollywood" appearance, the network announced Monday in a note to staffers.

Bush had been suspended at the morning show two days after the 2005 tape was reported on Oct. 7. NBC and Bush's representatives had since been negotiating terms of his exit before the announcement.

The settlement with NBC did not include a non-compete clause, meaning Bush "is a free agent," his lawyer, Marshall Grossman told the Associated Press. Financial terms of the deal were kept confidential, But according to The New York Post, which cited NBC sources, Bush may have recieved about $10 million from the network.

On the tape, Bush was heard laughing as Trump talks about fame enabling him to grope and try to have sex with women not his wife.

Bush later said he was "embarrassed and ashamed." Trump has since denied groping women.

Bush, who had been at "Today" for two months, is the nephew of Republican former President George H.W. Bush.

NBC made the announcement of his firing in a note from "Today" show top executive Noah Oppenheim to his staff obtained by FoxNews.com.

"Billy Bush will be leaving the TODAY show’s 9 a.m. hour, effective today," the note said.

"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," the note continued.

Bush, a 44-year-old father of three, said in the note announcing his departure that he was "deeply grateful for the conversations I've had with my daughters, and for all of the support from family, friends and colleagues. I look forward to what lies ahead."

In the 2005 tape, which was first revealed by The Washington Post, Trump discusses unsuccessfully seeking an affair with another "Access Hollywood" employee, Nancy O'Dell. Trump said that when he was attracted to beautiful women "I just start kissing them. It's like a magnet." He said that when you're a star, women let you.

"Grab them by the p----. You can do anything," Trump added.

The two men discussed an actress who was waiting from at the end of the bus ride. When they got off,Bush urged the woman to hug Trump and added, "how about a little hug for the Bushy?"

Trump said in the second presidential debate that he never did any of the actions heard on the tape, which he described as locker room talk. But a number of women have since come forward and said that Trump had surprised them in the past by groping or unexpectedly kissing them on the lips.

In an interview with CNN on Monday, Trump's wife, Melania, said that her husband was "egged on" by Bush in the conversation.

"I wonder if they even knew the mic was on," Melania Trump said, referring to her husband and Bush. She said they were involved in "boy talk, and he was led on — like egged on — from the host to say dirty and bad stuff."

Asked to comment, Grossman said, "I thought that Donald Trump would claim that he was not on the bus."

The Associated Press contributed to this report.