Note that multiple Linux distributions will still be supporting it, in some cases for a very long time after.
Just the other day, a somewhat technical client of mine called me to ask if his PHP 7.0 installation has gaping security holes. I said no, you're using Ubuntu 16.04 LTS, you'll be fine until April 2021. If you force an upgrade now, you might run out of support even earlier.
My go-to version for production right now is PHP 7.2. I'm going to ignore all warnings about its EOL until 2028, when support for Ubuntu 18.04 runs out. Wait a sec, add another year for RHEL/CentOS 8 which is also going to support PHP 7.2 for the next 10 years. PHP 7.2 is going to outlive a whole bunch of future versions.