Brendan had been a pro dancer on the show for the past 14 years but announced his exit this year on ITV's Lorraine.
"They've made an editorial decision not to have me back on the show," he said. "I'm in shock. I got a phone call. I've had 15 incredible series."
Brendan admitted: "I'm disappointed. I've always known this day would come. I'm a very strong character, some don't like that.
"I've never been contracted for more than one year. I still wanted to be part of it. My passion is still very much there."
The BBC said in a statement: "We'd like to thank Brendan Cole for being part of the show since the beginning - winner of the first series - and for the contribution he has made to its success.
"We wish him all the very best for the future."
According to The Sun, Brendan is now being tipped to end up on I'm A Celebrity's latest line up.
He could follow in the footsteps of fellow former Strictly pro Ola Jordan, who was on the jungle series in 2016.
“Brendan is outspoken and ITV think he’d be gold," a source said. “Now he’s no longer tied down to Strictly he’s well up for it.
“It would be a good move for all, he’ll get a great payday post-Strictly, and bosses will get him spilling the beans about the show to millions.”
Bookies have now made Brendan and odds-on favourite to join the series.
Having been axed from Strictly Come Dancing Brendan Cole (1/2) looks like a cert for a stint Down Under, according to Ladbrokes.
Coronation Street's Michael Le Vell (5/4) and singer Frankie Bridge (2/1) have also been tipped to take part.
Jessica Bridge of Ladbrokes said: "There's still a fair few months to go but the rumour mill is going into overdrive, and punters reckon the likes of Brendan Cole, Michael Le Vell and Frankie Bridge are nailed on for the jungle this year."
I'm A Celebrity will air on ITV in the autumn.
Meanwhile, it's also been claimed that Brendan could fall on his feet with a new TV job.
A source suggested ITV were keen on signing Brendan for Dancing On Ice.
They explained: "To be honest, the team were doing cartwheels when they found out that Strictly had sacked him as they think he’d be the perfect fit over at ITV, he's such a huge personality and talent who really knows his stuff.
“His opinions may have annoyed people over at the BBC but that kind of feistiness is exactly what ITV want."
The current series of Dancing On Ice airs Sunday nights on ITV but has already been renewed for 2019.
Strictly meanwhile will air its new series in the autumn on BBC One.