Colton Hayes, Teen Wolf

MTV/Bob Mahoney

Teen Wolf fans, you may want to sit down before reading this.

Fan favorite Colton Haynes is exiting the show and will not be returning for its third season, sources confirm to us.

"These past few yrs have been the best of my life," Haynes wrote on his Twitter account. "I'm sad that this chapter has ended, but excited for a new one to begin. Thx for the love."

Sources tell us Haynes' exit from the show is due to failed contract negotiations. A "lucrative offer" for two more seasons (48 episodes) was made to Haynes, but his team sat on the decision for almost two months. (We're hearing he was up for a role in a new pilot.)

However, a source close to the actor tells us that Haynes was only offered a commitment of appearing in 12 of season three's 24 episodes. "It didn't make sense for him," says the source. "It is heartbreaking for him. He is used to hanging out with the cast ever day. They are his friends. But he couldn't agree to a limited role."

Unsure of whether or not he would be returning, the show had to go on and the first five episodes of season three, which are already written, and do not feature Haynes' character, Jackson. Still, all hope is not lost, Teen Wolf fans: "Colton could come back still," one source who works on the show tells us.

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Haynes' character Jackson, who was revealed to be the Kanima, one of season two's big bads, narrowly survived last season and transformed into a werewolf at the end of the finale. When we chatted with show boss Jeff Davis after the season two finale, he revealed that they actually filmed an alternative scene where Jackson died, and when asked about the character's season three storyline, he teased, "As for Jackson's fate, you'll just have to wait and see."

Fans will also take comfort in this statement from an MTV spokesperon: "Absolutely no truth that Colton is being pushed out or that he, or any cast member, is being replaced. We love Colton and look forward to his returning with the entire cast for Season three of Teen Wolf."

—Additional reporting by Ken Baker

(Originally published Oct. 11, 2012, at 4:36 p.m. PT)

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