Reports today have suggested that the channel is paying a whopping £75 MILLION for the show over the next three years, *quadruple* the figure the BBC paid for it.
Last night it was surprisingly announced that the hit series - currently Britain's biggest TV show - would be switching channels.
The BBC is said to have offered up to twice its current figure but Channel 4 put up even more cash.
The company that makes Bake Off - Love Productions - insisted it wasn't about the money in an email apparently sent to staff.
They wrote (via The Telegraph): "We are really saddened by this outcome because we always wanted to stay on the BBC. As recently as June we were convinced that was what would happen.
"This has never been about who might write the biggest cheque, but about where we can find the best home for Bake Off."
The Great British Bake Off will move to Channel 4 from next year, starting with a Celebrity version in aid of Stand Up For Cancer.
Jay Hunt, Channel 4's Chief Creative Officer said last night: "Channel 4 is very proud to be the new home for The Great British Bake Off. I'm delighted we have been able to partner with the hugely talented team at Love Productions to keep this much loved show on free-to-air television."
Richard McKerrow, Love Productions Creative Director added: "We believe we've found the perfect new home for Bake Off."
For now, the Great British Bake Off continues what will be its final BBC One series at 8PM on Wednesday.