In a press release, the presidents of CBS Entertainment and CBS Studios called the show a “beloved part of CBS’ legacy” as they revealed that the current season, which aired its first part this winter, will be the “final chapter.”

“We’ll be forever grateful to the legendary Leonard Goldberg for developing this signature series and to the amazing cast led by Tom Selleck, who America embraced as family and watched as welcomed guests at the Reagan dinner table.”

In a statement, Selleck, 79, who has played family patriarch Frank Regan throughout the show’s run, called it an “honor and a privilege to work on a show that not only celebrates the men and women who protect and serve in New York City, but also displayed the importance of family.”

“Working alongside these incredible actors, writers, producers, directors and crew has been a dream come true and I’m grateful to have been a part of this extraordinary group for over 275 episodes.”

Reports surfaced last year that the cast took a pay cut for the 14th season to be made, and Wahlberg told PEOPLE that “the loyal fans of the show would be very, very outraged” had there not been a renewal.

In March, the New Kids on the Block singer, 54, teased fans as he said that season 14 was “allegedly” and “potentially” Blue Bloods‘ last during an interview on SiriusXM’s Andy Cohen Live.

“There are rumblings, so we’ll see what happens,” he said.

While Selleck didn’t hint at a potential future for the show, he has been vocal about his opposition to the cancellation, as he told CBS News in May that he will “continue to think that CBS will come to their senses.”

“We’re the third-highest scripted show in all of broadcast. We’re winning the night. All the cast wants to come back. And I can tell you this: we aren’t sliding off down a cliff. We’re doing good shows, and still holding our place,” he said.