According to Regis Philbin, Tom Bergeron should be the one to replace him.
The 80-year old actor and TV Host, Regis Philbin, is ready to retire after 50 years in the world of television. November will be the last month of recording for Live! With Regis and Kelly after Regis announced his retirement earlier this year. This season, the 28th season for Philbin, has been dubbed the "Farewell Celebration Season" as its featured and long-time host prepares to depart. Just another notch on his long belt of television shows as well as game shows. Regis is best known for hosting such game shows as Who Wants To Be A Millionaire and Million Dollar Password. But he definitely rose to fame as co-host on Live With Regis and Kathie Lee in 1985.
So far, there has been no word on who will be replacing Regis Philbin on his current show Live! With Regis and Kelly, but it would definitely have to be somebody that could have a chemistry with Kelly Ripa that at least competes with Regis. And according to Regis himself, he knows just the guy - Tom Bergeron. According to Regis, "Why not Bergeron? What is he doing? Tom Bergeron is not doing anything. He could do it and he would love to do it...He wants to be a talk show host, I don't know how they got him on that dance thing. It's not gonna last... ." That 'dance thing' he is referring to is that little show known as Dancing With the Stars" which could take quite a bit to drag anyone away from. Bergeron did respond to this, saying that the show would have to be done in Kansas - insinuating that he would be staying with his 'dance thing' in L.A. and would not really be up to flying all the way out to New York to do two different shows.
As mentioned before, there is no official word on Regis' replacement, but it doesn't appear as though Bergeron is up for it right now. Perhaps he could be a replacement later on for someone else.