A Tesco spokesman said the decision had been taken after research showed customers only wanted one magazine with a general home lifestyle focus, covering food, fashion, beauty, finance and product lines.
The contract to produce the new, as-yet-unnamed magazine, has been put to tender. It will be available free of charge to Tesco's 13 million Clubcard holders, but other customers will have to pay for it.
Tesco once produced as many as seven magazines, each designed to appeal to a different segment of its customer base. It currently produces four: Tesco Clubcard, Tesco Recipe and Tesco Vegetarian, which are published by Forward, while Tesco Healthy Living, which is published by Fox Publishing.
Tesco is a major customer of WPP-owned Forward, and any loss of its business would be a big blow for the agency.
Last month Tesco Personal Finance moved its customer magazine, On The Road, out of Forward into BBC Magazines, representing the BBC's first win in the commercial contract publishing sector.
BBC Magazines and other consumer publishers, including The National Magazine Company, are expected to tender for the new title.
On Tuesday, Tesco surprised the City by reporting a 21.3% rise in half-year profits, which was ahead of forecasts.
Last week, Tesco announced a board reshuffle, which sees marketing chief Tim Mason add Ireland and property acquisitions to his brief.
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