AceShowbiz - Tim Gunn addressed the swirling rumors regarding his presence on the upcoming revival of "Project Runway". Having co-hosted the show for 16 seasons alongside Heidi Klum, Gunn revealed he won't be returning to the show.

"Heidi sent me a text saying, 'There's talk about bringing Project Runway back with us, with you and me, and would you do it?' And I said, 'Would I do it? Of course, there's not a moment of hesitation in me,' " Gunn recounted to PEOPLE.

However, optimism turned into disappointment when Gunn realized his invitation was not forthcoming. "I called my agent, and he knew things were going on, but he contacted the executive producers of this new show, and they said, 'We don't want him.' "

"And [my agent] said, 'Well, he's done 19 seasons of Runway, 16 with Heidi. The two of them won an Emmy together as hosts, and now you're going to separate them?' And they said yes," Gunn explained.

Gunn, who is now 71, went through a range of emotions upon discovering the news. "I was initially devastated, then kind of humiliated," he admitted. Nonetheless, the fashion mentor decided to see the brighter side.

"I thought, how lucky am I to have had the experiences that I've had over the last 20 years? This is phenomenal. I stopped the boo-hooing," Gunn shared. He remains proud of his tenure on the show and looks forward to what the future holds.

When discussing the idea of returning as a guest, Gunn quipped, "What do I do? Wave from a bus? As the designers are going into Mood [Fabrics]? Heidi comes to see me at the retirement home and we play croquet? So no thank you. And as Heidi would say, you're either in or you're out. And I'm out."

Heidi Klum, who will be reprising her role on "Project Runway", was also disheartened by the omission of her co-host and friend. "She was really upset and she kept saying, 'I'm fighting for you, I'm fighting for you,' " Gunn mentioned, appreciating her efforts.

Despite the turn of events, Gunn's perspective remains positive. "Am I disappointed? Sure. And most of all, it's about not working with Heidi, but we move on and things happen for a reason. I don't know what the reason is yet, but it will be revealed," Gunn concluded, hopeful for future opportunities.

As for Klum, she gears up to return to "Project Runway", a show that has seen considerable changes over the years, including hosting duties passed to Karlie Kloss and Christian Siriano. The new season will air on Freeform, Disney+, and Hulu, keeping the legacy of fashion drama alive.