The 2020 Gateshead Grand Prix has been cancelled because venue renovations will not be completed in time.
The event had already been postponed from 16 August to 12 September because of the coronavirus pandemic.
"Time has ultimately defeated us to ensure that international athletes can compete in a safe manner and to their full potential," said Gateshead Council and British Athletics in a statement.
World champion heptathlete Katarina Johnson-Thompson was due to compete.
This year's Grand Prix, included on the top-tier Diamond League circuit, was the first time world-class athletics was to be staged at Gateshead International Stadium since 2010.
The coronavirus pandemic hindered work at Gateshead, which was due to have the track resurfaced and floodlighting installed as part of a £1.3m investment.
Gateshead is to stage a Grand Prix in 2021 and 2024 as part of a deal agreed in 2019.
It is the second major British event to be cancelled this summer after the Anniversary Games, due to be staged at London Stadium on 4 and 5 July, was also wiped from the Diamond League calendar in a major financial blow to governing body UK Athletics.