Morgan originally planned on the series running for six seasons, but made his own decision to bring it to an end while developing the fifth instalment.
"At the outset I had imagined The Crown running for six seasons, but now that we have begun work on the stories for Season 5, it has become clear to me that this is the perfect time and place to stop," he said in a statement. "I'm grateful to Netflix and Sony for supporting me in this decision."
Morgan also confirmed that after Olivia Colman completes her stint as Queen Elizabeth II in Season 4, Imelda Staunton will take over the role for the fifth and final season.
The head of the royal family was originally played by Claire Foy in Seasons 1 and 2 of the show. Colman made her debut as the Queen when Season 3 arrived last year.
See the double announcement from Netflix below.
#TheCrown will return for a fifth and final season with Imelda Staunton playing The Queen.— See What's Next (@seewhatsnext) January 31, 2020
Creator Peter Morgan originally planned six seasons but says: "Now that we have begun work on the stories for S5 it has become clear to me that this is the perfect time and place to stop." pic.twitter.com/2RE6wHsMFB