Network 10 has announced that Matt Preston, Gary Mehigan and George Calombaris will not return as judges in the next season of MasterChef Australia.

Key points: The trio's exit comes after Calombaris admitted to underpaying employees at his restaurants by $7.8 million

The trio's exit comes after Calombaris admitted to underpaying employees at his restaurants by $7.8 million The finale of the 2019 season of MasterChef aired on Tuesday night

The finale of the 2019 season of MasterChef aired on Tuesday night Network 10's CEO thanked all three judges "for their contribution over the past 11 years"

Hours ahead of the season 11 finale on Tuesday evening, network chief executive Paul Anderson said the parties could not reach a deal "despite months of negotiation".

"Across 11 sensational seasons, MasterChef Australia has established itself as one of the most popular and respected cooking television series around the world," he said.

"For more than a decade, the iconic series has shaped and driven the Australian public's passion for food and cooking, delivered iconic television moments, and made the culinary dreams of everyday home cooks come true.

"We would like to thank Gary, George and Matt for their contribution over the past 11 years."

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Preston released a statement on Twitter saying the judges were "really keen to continue but were unable to agree to all terms for the new contract".

"We have enjoyed 11 wonderful years on MasterChef Australia with Network Ten, and I want to take this opportunity to thank Ten for this amazing opportunity and for Network Ten's backing of this very special show.

"We have met some beautiful people, discovered and guided some of the brightest up-and-comers in the Australian food scene, worked with the best chefs in the world in front of the camera, and with the TV industry's finest professionals behind the scenes.

"And of course, we three judges have formed a lifelong friendship that will live on far beyond the show.

"I want to take this opportunity to thank you and everyone who has shared our amazing journey with us — especially all those fantastic contestants.

"And finally I wish the new judges all the best with the show that we love so much."

Mehigan took to Instagram to explain the departure from his perspective. He said "it was never about the money".

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"It was time to move on, have more free time to explore our own creativity," he wrote.

"It was never about the money and never will be about the money. We couldn't agree on the term of the new contract for 2020 and season 12. Something we felt very strongly about.

"The opportunity to work with Matt and George has been a blessing and something I cherish.

"Working together will continue to be the most important thing for us … the three musketeers."

MasterChef finished fifth in the ratings on Sunday night, while Monday's semi-final episode was the night's seventh-most viewed program, behind Seven News, Nine News, A Current Affair and Ninja Warrior.

The announcement of the judges' departure came after Calombaris admitted to underpaying employees at his restaurants by $7.8 million.

He will have to make a $200,000 "contrition payment" under a court-enforceable undertaking made with the Fair Work Ombudsman.

A petition on Megaphone.org.au calling for Calombaris to be fired from the show has attracted more than 25,000 signees.

He was also axed as the face of a campaign with Tourism WA, which had a contract with Calombaris to feature in television advertisements and online content to "design your own gourmet escape" in the state.

The ads had been running for the past few weeks on the eastern seaboard during episodes of MasterChef.

MasterChef has won multiple Logie awards over the years. ( Joe Castro: AAP )

Adam Liaw, Poh Ling Yeow, Maggie Beer among replacements suggested

Many fans reacting on social media pointed out the irony of Calombaris having problems with his contract, while others simply lamented the loss of the trio who have been the most prominent faces of the show.

Season two winner Adam Liaw was among those shocked by the news.

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Liaw was just one of the everyday cooks who became celebrity chefs after their time on the show, with Poh Ling Yeow and Justine Schofield some of the others to have hosted their own cooking shows.

"MasterChef Australia has always been about ordinary Australians doing extraordinary things for the love of food and we believe it is very important to continue that ethos," Mr Anderson said.

"Australia is full of remarkable cooking talent and we can't wait to introduce another group — and the next generation of exceptional judges — in season 12 of MasterChef Australia next year."

Social media chat quickly turned to who would replace Preston, Mehigan and Calombaris as hosts.

Liaw was among the names floated, with many suggesting it could be a good opportunity to add some diversity to the all-white, all-male judging panel.

Writer and co-host of the Stop Everything podcast Benjamin Law suggested former winner Poh could host alongside Kylie Kwong, who has been a guest on Masterchef in the past, and Elizabeth Chong, whose book The Heritage of Chinese Cooking was named international cookbook of the year in 1994.

Schofield and celebrity chef Maggie Beer, a regular MasterChef guest, were other names floated online.

Maggie Beer's name, pictured with the former MasterChef judges, has been floated as a replacement. ( Facebook: MasterChef Australia )

Beer said she was shocked at the trio's departure.

"For me MasterChef is Matt, Gary and George," she told ABC's RN Drive.

"It matters in that MasterChef has created such a learning platform for so many people to take a leap of faith and to want to change their lives ... It's one of a kind.

"It seems like it will be the end or an era."

When asked who she thought would be replacing the judges, she said: "I can't even imagine."

"George, Matt and Gary are a team … to me, it's sort of the end," she said.

"People don't continue if you're changing the very heart of a show, you'd have to come up with something different."

Earlier on Tuesday, Preston gave no hint he and the fellow judges were leaving the show, sharing a photo on Instagram ahead of the finale.

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The first series of MasterChef was broadcast between 27 April and 19 July 2009, with the majority of it filmed in Sydney.

Its headquarters has since moved to Melbourne, with locations varying throughout the show.

MasterChef won the award for Most Popular Reality Program at the 2010 Logie Awards.

In addition, Preston won the Graham Kennedy Award for Most Outstanding New Talent for his work on the program.

Mehigan and Calombaris also judged the Junior version of MasterChef in 2010, with Preston joining for the second series in 2011.

All three judges also appeared on the spin-off editions such as Celebrity MasterChef (2009) and MasterChef All-Stars (2012).