Live! with Kelly and Michael

Kelly Ripa is livid over Michael Strahan's departure from her show, largely because she was shockingly disrespected by Disney honchos.

TMZ broke the story ... Kelly was blindsided by Tuesday's announcement. She found out at 10:30 in the morning ... the same time Disney made the announcement. She never got a call from Disney CEO Bob Iger or anyone else at the Mouse House.

Our ABC sources say Kelly -- and virtually everyone on her show -- feels Disney has screamed to the world they don't care about 'Live' ... their singular focus is breathing life into 'GMA,' which has lost a big chunk of its audience over the last year.

We're told there's serious talk about giving 'Live' the boot at 9 AM and adding a third hour to 'GMA.' It's unclear if Disney is eyeing a time slot later in the morning for Kelly's show. It's pretty incredible, since 'Live' has been super successful on Kelly's watch.

Adding a 3rd hour to 'GMA' is the logical next move, since Strahan has established himself in the 9 AM time slot.

As for Kelly, it's unclear if Disney can ever win her back. It's not difficult to understand how pissed she is ... it's like the Ann Curry/NBC mess, but more outrageous.

Michael Strahan is joining "Good Morning America" on the heels of Josh Elliott's departure ... TMZ has confirmed.

ABC sources tell TMZ Strahan will appear during the 7:00 hour of GMA ... 3 to 4 times a week. He'll be a utility player ... features, lifestyle, sports ... pretty much anything.

GMA is in trouble ... Josh Elliott's departure for NBC Sunday was bitter. Sam Champion is gone. Lara Spencer and Amy Robach hate each other.

Not to mention ... Josh's departure makes little George Stephanopoulos look lost in the land of Amazons. Dude needs a testosterone-assist which Strahan provides.

GMA is a $300 million a year cash cow for ABC and it's in danger of losing ground fast.

Being Kelly Ripa's #2 sure does pay ... just ask Michael Strahan, who's throwing down serious cash to rent a $20 MILLION mega mansion in Beverly Hills ... adjacent.

Michael and hot fiancée Nicole Murphy sold their Bel Air home earlier this week for $11 million. Get this ... they bought it for $7.9 mil a year ago. Yeah, we hate 'em too.

Here's the problem -- they're currently homeless ... so for the time being they're renting a 10,575-square-foot casa in Beverly Park.

FYI -- Beverly Park's a celeb magnet -- residents have included Denzel Washington, Mark Wahlberg, Sylvester Stallone, Tim McGraw, Wayne Gretzky, Samuel Jackson ... the list goes on.

We don't have the exact rental price, but estates like this rent in the $100,000 / month range. In the meantime Michael and his realtor Bob Hurwitz are on the hunt for a permanent place.

Until then ... Michael and Nicole have to settle for the Italian style villa, with 8 bedrooms, 10 baths, guest house, perfectly manicured grounds, fountains up the wazoo, and resort style pool.

Michael Strahan is doing a helluva job as the new Regis Philbin ... this according to the old Regis Philbin.

The TV legend was leaving Madeo in West Hollywood last night when we asked what he thought of the 6'5", 275 pound NFL stud who took over his spot next to Kelly Ripa back in September.

"I like him," Regis said ... "I think they're pretty good [together]."