The programme's future has been in the balance since ITV said it needed to reduce costs by a further £40m in May.
The production company behind the series, Impossible Pictures, had tried to find a way to split the costs of the series, but the deal did not work out. 'Primeval' relies heavily on expensive CGI to create its cast of dinosaurs.
'Primeval' launched in 2007 as ITV1's Saturday evening answer to BBC1's 'Doctor Who'. The programme has gained solid ratings and decent reviews, and ITV has licensed a series of books and toys based on the creatures from the series.
It follows a group of scientists who investigate time holes that allow pre-historic and futuristic creatures to emerge in present-day Britain.
Explaining the decision to drop the show, ITV said: "After three very successful series of 'Primeval' there are no plans at the present time for it to return to ITV.
"High-quality drama remains a key part of the ITV schedule although our current focus is on post-watershed productions."
ITV has been forced to cut back on programming costs because of the decline in ad revenues.
Earlier this year ITV axed another sci-fi show 'Demons' which starred Philip Glenister, aka Gene Hunt, in a spin on the Van Helsing vampire hunting story.
Impossible Pictures was also behind the BBC hit 'Walking with Dinosaurs'.
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