'RI:SE' launched in April 2002 with a presenting line-up including Mark Durden Smith, Edith Bowman, Kirsty Gallacher and Colin Murray, all of whom left.
The show was relaunched in January in an attempt to boost ratings and is currently hosted by 'Big Brother Three' winner Kate Lawler and Iain Lee, along with female comedy duo Mel and Sue.
Channel 4 director of television Tim Gardam confirmed the news today.
He said: "Everyone involved in the show has worked very hard to make a good and popular breakfast programme and there is no doubt it has improved in quality and content and is now a confident programme.
"But we have to reluctantly concede that 'RI:SE' is not going to grow a sufficient audience to justify it continuing into a third year."
'RI:SE' replaced 'The Big Breakfast', but has failed to achieve the 300,000 viewers its predecessor drew in its dying days. 'RI:SE' initially managed to draw 200,000 viewers, although earlier this year it scored a zero rating when its audience dipped below the 100,000 mark.
A replacement will be announced later in the year, the channel said.
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