A spokesperson for Channel 4 confirmed the master baker has signed a three-year deal to continue judging the bakery competition.
In a statement, Paul said: "Since I was a kid, baking has been part of my life. The seven series inside the tent have created some great memories. Best of all, I have felt so pleased to experience other people getting the baking bug, just as I did when my dad helped me make my first loaf.
"The Great British Bake Off has brought baking to the nation and we've seen people from all walks of life and backgrounds experience the highs and lows of competition, and more importantly helping each other.
"It's been a huge part of my life in the past few years and I just couldn't turn my back on all that - the bakers themselves, the bakes, the team that makes it, and of course the tent, the bunting, and who could forget… the squirrels.
"So I am delighted that I will be continuing as a judge when Bake Off moves to Channel 4. I want to thank the BBC and Mel and Sue for making my time in the tent great fun and really rewarding."
He added on Twitter: "I'm staying in the tent with the bakers where I belong. I want to thank Mary. I'll miss her but she has made the right decision for her."
Paul's confirmation that he'll stay on Bake Off came less than an hour after his co-judge Mary Berry announced she had quit, citing loyalty to the BBC as her main reason.
BBC has aired Bake Off since 2010 but this month lost the rights to Channel 4, after failing to match the monetary requirements of the show's maker Love Productions.
Shortly after, beloved Bake Off hosts Mel Giedroyc and Sue Perkins quit, followed by judge Mary Berry, all of whom expressed sadness BBC had been unable to keep GBBO.
Mel and Sue said: "We were very shocked and saddened to learn yesterday evening that Bake Off will be moving from its home. We made no secret of our desire for the show to remain where it was.
"The BBC nurtured the show from its infancy and helped give it its distinctive warmth and charm, growing it from an audience of two million to nearly 15 at its peak. We've had the most amazing time on Bake Off, and have loved seeing it rise and rise like a pair of yeasted Latvian baps.
"We're not going with the dough. We wish all the future bakers every success."
Mary said in a statement: "What a privilege and honour it has been to be part of 7 years of magic in a tent - The Great British Bake Off. The Bake Off family - Paul, Mel and Sue have given me so much joy and laughter.
"My decision to stay with the BBC is out of loyalty to them, as they have nurtured me, and the show, that was a unique and brilliant format from day one. I am just sad for the audience who may not be ready for change, I hope they understand my decision. I wish the programme, crew and future bakers every possible success and I am so very sad not to be a part of it.
"Farewell to soggy bottoms."
The show started life on BBC Two in 2010 before moving to BBC One four years later.
But it was confirmed at the start of September that BBC had lost its Great British Bake Off rights to Channel 4 after failing to match the financial wishes of its production company Love.
Love said in a statement: "After an extraordinary six-year journey with the BBC, Love Productions announces with regret that it has been unable to reach agreement on terms to renew the commission of The Great British Bake Off."
BBC said: "Working with Love Productions, we have grown and nurtured the programme over seven series and created the huge hit it is today. We made a very strong offer to keep the show but we are a considerable distance apart on the money. The BBC's resources are not infinite. GBBO is a quintessentially BBC programme. We hope Love Productions change their mind so that Bake Off can stay ad free on BBC One."
Channel 4 has signed a three-year deal with Love Productions, and the show will kick off next year with a celebrity special in aid of Stand Up To Cancer.
Love's creative director, Richard McKerrow, said: "We believe we've found the perfect new home for Bake Off. It's a public service, free-to-air broadcaster for whom Love Productions have produced high-quality and highly successful programmes for more than a decade. It's tremendously exciting to have found a broadcaster who we know will protect and nurture The Great British Bake Off for many years to come."
GBBO's current series airs Wednesdays at 8pm on BBC One.