The current, fifth season of Key & Peele will be the sketch comedy series' last, Keegan-Michael Key has announced.

The Comedy Central show, which co-stars Key's fellow MadTV alum Jordan Peele, was nominated for eight Emmy Awards earlier this month.

"This is our final season -- and it's not because of Comedy Central, it's us," Key told TheWrap Friday. "It was just time for us to explore other things, together and apart. I compare it to Gene Wilder and Richard Pryor. We might make a movie and then do our own thing for three years and then come back and do another movie. I'm thinking we could do that every three years -- take a year, go bang out a movie. That's the plan right now."

All of the episodes for Season 5 have already been filmed and new installments of the show will continue to air through September.

"There will be Key & Peele productions coming up," Key said. "We're doing the reboot of Police Academy, and there's a TV show in the works that we might do for Comedy Central. There's lots of stuff we have cooking up."