The news anchor is said to be eyeing an exit from the local CNN station to pursue an advanced degree.
The morning program will be one of the first casualties from the ESPN deal.
The move represents a homecoming for Araullo, who prior to becoming a household name at ABS-CBN hosted the now-defunct '24 Oras' segment 'ATOMic Sports.'
Jarin-Bennett has officially been appointed this October.
The head of News5 is said to be considering resignation after being offered a position as a tourism attaché for the Department of Tourism.