The BBC is set to lose 'The Great British Bake Off'

The current season of "The Great British Bake Off" is set to be the last on the BBC after the UK broadcaster failed to agree a new contract for the show.

The Daily Telegraph and The Sun are reporting the collapse in talks between the BBC and Love Productions, the production company which makes and owns the show.

Business Insider reported last month that ITV has made an active attempt to poach the biggest show on British television. The commercial broadcaster appears to be the most likely destination for the programme.

In a statement released to the newspapers, Love said: "After an extraordinary six-year journey with the BBC, Love Productions announces with regret that it has been unable to reach agreement on terms to renew the commission of 'The Great British Bake Off.'

"We will now be focusing on finding a new partner to develop the familiar show that the British public turn to in their millions. Love Productions would like to thank the BBC for the role it played in making this show such an enormous hit, and the faith they showed in us over the years to develop it."

The BBC is yet to comment.

The Telegraph has seen an email sent to Love Production's staff. The company's management said after months of negotiations, the BBC was unable to match its valuation and vision for the show.

"Unfortunately we were unable to agree either a fair valuation, and nor were the BBC able to provide the necessary comfort for the future protection of such a distinctive and much-loved television series," the email said.

Background on the 'Bake Off' talks.

The two parties have been negotiating since April and discussions moved at a glacial speed.

Love wanted a significantly increased production fee for the format, which is presented by Sue Perkins and Mel Giedroyc. One source told Business Insider the company wanted as much as £700,000 an episode, although this was denied by another person close to the talks.

Either way, Love believes that the show should be made for an entertainment fee, rather than the lower factual budget it is currently on. This is a legacy from "Bake Off's" unusual provenance, as it was originally commissioned by the BBC's documentary team in 2010.

Sources have told Business Insider that the show's presenters, including judges Paul Hollywood and Mary Berry, want it to remain on the BBC. They and others in the industry fear that "Bake Off's" winning formula would be altered by a move to a commercial broadcaster.

ITV's 'desperate' to land the show.

We revealed that ITV was "desperate" to secure the show last month. Knowing that talks were stalling with the BBC, it made its feelings known to Love.

ITV director of television Kevin Lygo did not engage when he was asked about "The Great British Bake Off" at the Edinburgh International Television Festival on Wednesday. "I prefer 'EastEnders,'" he joked.

If ITV does step in, it will not be able to air the show next year, however. The BBC has a one-year "holdback" written into the programme's contract, meaning that it could not air on a rival British broadcaster next year.