The Serbia Open - founded and organised by the family of world number one Novak Djokovic - has been scrapped.
The inaugural Serbia Open took place in 2009 when Djokovic drew a sell-out 7,000 strong crowd in every match en route to winning the event.
But Djokovic pulled out of the 2012 event, played on clay in May, leading to poor attendances.
The economic decline in Serbia also made it difficult for sponsors to keep funding the tournament.
The last winner was Italian Andreas Seppi, who beat Frenchman Benoit Paire in the 2012 final.