It's official - CBS just announced that the seventh season of "The Mentalist" will be its last.

The show's cancellation has been speculated for a while now, but the network has officially confirmed the news and that the current seventh season will not only see the end of the series, but it will also be shortened to only 13 episodes.

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While this may be bad news to fans, a very minor compensation is that at least the show will return sooner than expected. The network announced that the last season will premiere by the end of November at 9 pm, temporarily taking the slot of "The Good Wife".

New episodes of the series will be airing all through December.

January 4 will see "The Good Wife" taking back its time slot, so "The Mentalist" will be shifting to a new time - Wednesdays at 8 pm.

The series finale will be two hours long and will air on February 18.

Another possible outcome would be that "The Mentalist" could possibly be purchased and transferred to another network - much like how "Medium" and "Southland" transferred towards the end of their run.

Potential buyers for "The Mentalist" would be Warner Bros. and TNT, which currently airs reruns of the said series. However, sources close to the show stated that it is much too early to say that a transfer could happen since prospects will have to see the series' ratings during its final season before studios make a decision.

Aside from announcing the final season of "The Mentalist," CBS also announced the premiere of the sixth season of "Undercover Boss" this coming December.

According to CBS senior executive vice president Kelly Kahl, "One of the goals this season was to keep expanding our lineup of year-round, original programming and have fewer repeat cycles. We're fortunate to have two popular, proven ratings winners in The Mentalist and Undercover Boss to seamlessly join our schedule."