The show has been a problem for ITV since it was launched in September 2010, receiving appallingly low ratings.
Bleakley and Chiles were poached from BBC's The One Show earlier this year in a bid to improve Daybreak's fortunes. The move failed and the show struggled to reach 600,000 viewers, compared with the BBC's Breakfast which regularly attracts 1.5 million.
Broadcasting vigilante group, TV Repair Man, has welcomed the announcement.
"ITV have bowed to the inevitable and have shown common sense. But this is just a step in the right direction and not the complete remedy - which is scrap the show altogether.
"All the evidence points to the fact that Daybreak is rubbish. Excuses that Chiles is 'too grumpy' and that female viewers' connection to Bleakley is damaged by her relationship with footballer Frank Lampard are clearly smokescreens.
"The show is just not up to snuff and cannot hope to compare with Breakfast, with it's bevy of gorgeous cuties like Susanna Reid and weather girl Carol Kirkwood. Shame Sian Williams decided to quit over the Salford move, though."