Regis Philbin In 'Bad Shape' Despite Happy Farewell Video To Kathie Lee Gifford

Regis Philbin was notably absent from Kathie Lee Gifford's Today show going away party on Friday, April 5. Instead of attending the celebration, the 87-year-old reached out to his friend and former Live! cohost via video message.

Now RadarOnline.com has learned the aging TV legend is in such deteriorating health, he simply wasn't well enough to attend the farewell bash in person.

"They produced a video with him with lots of voiceovers and B-roll. He's in very, very bad shape," a source told RadarOnline.com.

In the prerecorded message, a soft-spoken Philbin reflected on his relationship with Gifford, 65.

"Kathie Lee, the best part of my TV life was with the 15 years I spent with you from 1985 to 2000," he said in a tone much lower than his normal larger-than-life persona. "We stayed friends through the entire game, and it was a lot of fun."

After the video, Gifford teased that the couple could reunite this summer in Greenwich, Connecticut, but our source says even that plan is in doubt.

"He's planning on spending this summer in Connecticut — if he is well enough," the source confirmed. "Friends fear this will be his last summer."

As RadarOnline.com reported, Philbin is "begging" for a reunion with Gifford now that she has some free time, wanting to go out on the road with her and play theaters and casinos.

"He's itching to get back in the game, and he feels bantering onstage with Kathie Lee and doing some duets with her will bring the old magic back!" a source exclaimed.

But RadarOnline.com has learned that while Gifford adores Philbin, she is concerned about his age and health struggles.