The presenter, who joined the staple radio show in 2021, revealed in a statement that he is unleashing his "inner entrepreneur" to launch his own unspecified company.
"The pips have sounded, and it's time to get my coat," Rajan said in a statement, adding: "Leaving Today might be mad. This team is the best of the best: consistently world class, and exceptionally well-led by Owenna Griffiths and Mohit Bakaya. I will always feel like I played in the editorial version of Alex Ferguson's Manchester United, or Steve Waugh's Australia."
Speaking about his reasons for his departure, he added: "Twenty years after I first flirted with the idea, I'm extremely excited to jump into the Great Digital Narnia of the Creator Economy, and build my own company. I'll still do Britain's oldest TV quiz and most exciting podcast.
Rajan took over from Jeremy Paxman as the host of University Challenge for the 53rd series in 2023.
He quit the role in 2016 when he was appointed the BBC’s first media editor, before joining Radio 4’s Today programme five years later.
Mohit Bakaya, Director of Speech and Controller of BBC Radio 4, said it will be really sad to lose Rajan’s "distinctive intellectual energy and curiosity" but said he was pleased that he will still be a regular presence on Radio 4.
"Amol has brought a real breath of fresh air to Today and we will keep evolving the programme as we continue to refresh the presenting team in the months ahead."
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