LOS ANGELES (thefutoncritic.com) -- With two weeks to go until its upfront presentation, The CW confirmed today its veteran series "Gilmore Girls" will not be returning for an eighth season.

"Announcing the final season of 'Gilmore Girls' is truly a sad moment for everyone at The CW and Warner Bros. Television. This series helped define a network and created a fantastic, storybook world featuring some of television's most memorable, lovable characters," the network said in a joint statement with the studio.

"We thank Amy Sherman-Palladino, Dan Palladino, Dave Rosenthal, the amazing cast led by Lauren Graham and Alexis Bledel as well as the producers, writers and crew for giving us this delightful gem for the past seven years. We would also like to thank the critics and 'Gilmore' fans for their passionate support and promise to give this series the send off it deserves."

The news follows a busy week of rumors and speculation about the show's future, which included everything from a shortened 13-episode renewal to contract negotiation breakdowns with co-stars Lauren Graham and Alexis Bledel.

The final episode of "Gilmore Girls" will air Tuesday, May 15 at 8:00/7:00c. The netlet then will detail its 2007-08 season plans two days later on May 17.