UPDATED: FOX Squeezes "The OC" Off the Air, But CW Said to Be Circling

Welcome to cancellation, bitch.

At least that's the rumor swirling around former FOX hot property The OC, which is scheduled to air its final episode February 22, before sailing into that long, hot sunset known as cancellation, according to E! Online's Watch with Kristin.

After four seasons (including this truncated, Marissa-free year), The OC will utter its last self-referential and over-written bits of dialogue before being scratched off all of its actors' resumes.

But hold the presses, as Kristin is also reporting that The CW's Dawn Ostroff is potentially interested, er, make that "extremely interested," in snagging The OC for a fifth year of Newport Beach hijinx for the 2007-08 season.

Though something tells me that the former Frog network doesn't have the scratch to land such a big fish. And don't they have their own take on The OC, namely Hidden Palms, waiting in the wings?

UPDATE: FOX has now confirmed the rumors about The OC's cancellation. Series creator Josh Schwartz offered the following statement.

"The OC Season Four finale will also be the series finale. This feels like the best time to bring the show to its close. Thanks to the hard work of our cast, crew and writers, we have enjoyed our best season yet, and what better time to go out than creatively on top. It has been an amazing experience and a great run. For a certain audience, at a certain time, The OC has meant something. For that we are grateful."

So there you have it, folks. Barring an eleventh hour reprieve from Dawn, the sun has set for the last time on The OC.