Watch: Phillip Schofield discusses coming out on This Morning
He told her: "It's not that long ago that I sat over there in exactly that place and one day, we won't have to do these interviews. One day it won't matter and one day we will just be able to be you and get on with your life. However, we're not quite there yet."
Schofield then became choked up and tearful as he struggled: "Yesterday, you said on Instagram that you were scared. I think I wrote back 'Don't be scared' because it'll be okay..."
He then broke off as Willoughby placed a supporting hand on his leg and remarked, "Ah, you two."
Schofield tearfully asked: "How do you feel now?"
Holmes replied: "I am relieved to finally do it, but it's hard to unravel everything.
"I know the relief will come gradually and the responses have really helped me."
The Gold-medal winner added she hoped that coming out as a public figure would help other people.
She added that she had dreaded the idea of coming to the end of her life and her friends and family at her funeral being disappointed she had never been able to be her true self.
Schofield told Willoughby: "That is exactly the same conversation I had with you."
Holmes came out on social media and in an interview in the Sunday Mirror.
She will further discuss how it had felt to live with her sexuality a secret in ITV documentary Kelly Holmes: Being Me which airs on Sunday 26 June.
Former children’s TV presenter Schofield came out as gay publicly in February 2020, having been married to wife Steph Lowe for 27 years. They have two daughters, Molly and Ruby.
When he came out he denied any pressure had been put on him to make his sexuality public. He insisted it had been a personal decision after years of “inner conflict”.
Watch: Phillip Schofield praised footballer Jake Daniels for coming out