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September 07, 2018 11:00 AM

After 16 seasons, Heidi Klum and Tim Gunn are saying goodbye to Project Runway.

The dynamic duo, who have starred as co-hosts and judges on the reality fashion design competition series since 2004, announced Friday that they are leaving the show.

But it won’t be long before the pair is back on TV. Klum, 45, and Gunn, 65, will soon be developing a reality fashion series with Amazon Prime Video.

“After 16 incredible seasons, I am saying ‘Auf Wiedersehen’ to Project Runway, a show that I was honored to host and help create,” Klum said in a statement. “I am incredibly proud of the show, and it will always have a special place in my heart. I am so appreciative of the dedicated fans, and most of all, I am grateful that we could shine a light on creativity and help launch so many talented designers’ careers. I’m most excited that my journey with my dear friend and colleague, Tim Gunn, is far from over. We will be partnering with Amazon for a new show, and we’re excited for everyone to see what we’re designing next!”

Said Gunn in his statement, “I am grateful to Project Runway for putting me on a path I never, in my wildest dreams, thought my career would take me! I am so proud to have been a part of the groundbreaking process that showcased talented young designers as never before. Most importantly, I am indebted to our incredible fans, they are the heart and soul of what we do, and continue to inspire us to raise the bar in this arena. I’m excited for them to see what’s next, as I partner with Amazon and Heidi Klum on our next great ‘fashion’ adventure.”

Heidi Klum and Tim Gunn

Their upcoming new series “will be a fresh take in the reality space and will appeal to a global audience who are entertained by competition, storytelling, and authenticity. Additionally, Amazon Fashion will create a shoppable experience for viewers,” according to a press release from the streaming giant.

RELATED: Heidi Klum Shuts Down Critics Who Say She’s Too Old to Model: ‘Do We Have an Expiration Date?’

Throughout the 14 years that Project Runway has aired, it has earned 58 Emmy Awards nominations and scored two gold statues, according to the Television Academy. In 2013, Klum and Gunn together won an Emmy for outstanding host for a reality or reality-competition program, and in 2009, the series won the Emmy for outstanding picture editing for reality programming.

RELATED VIDEO: Heidi Klum Gets Candid About Dating a Man 17 Years Her Junior: ‘Age Seems to Be Shoved in My Face’

In 2010, Gunn told PEOPLE of supermodel and mother of four Klum, “I don’t know how she does it. She really is Superwoman.”

“I don’t have even one quarter of what she has on her plate, and I always feel like I’m a hair shy of a psychotic breakdown,” he added.

The reality show has been renewed for a 17th season and will be returning to Bravo, where it aired from 2004-08, following its run at Lifetime.

“Bravo is proud to bring Project Runway back where it all began, and Heidi and Tim will always be a huge part of the legacy,” the network said in a statement obtained by PEOPLE. “The series will continue its iconic impact with Bravo’s reboot for the next generation of designers and fans. We are excited to announce our new host and mentor very soon.”

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