The late-night Channel 4 series sunk to a low of 900,000 viewers in the sixth and final show of the series earlier this month.
Channel 4 usually secures around 3m viewers during its 10.15pm Friday night slot and has been forced to axe the show after admitting it was "disorganised and badly planned".
The show made by Chris Evans' production company UMTV, featured interviews with celebrity guests including 'Notting Hill' actor Rhys Ifans and 'King Arthur' star Ray Winstone in front of a live studio audience, as well as stars getting drunk in the pub in 'Celebrity Lock-in' and ketchup-eating competitions.
Vegas is currently in talks with Channel 4 bosses with a view to launching another show taking a new direction.
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