The Logie Award-winning programme will air for the last time on Friday (August 3).
"The decision to cease production of The Circle is unfortunate and was not taken lightly, but tight fiscal control and cost discipline are a core part of our strategy," Ten CEO James Warburton confirmed in a statement.
The network's head of news and current affairs Anthony Flannery also thanked staff including the show's executive producer Pam Barnes for their "efforts and dedication" to the programme.
The Circle will be replaced on the schedules by a variety of news and import programming including CBS daytime show The Talk, which features a panel of hosts including creator Sara Gilbert, America's Got Talent judge Sharon Osbourne and actress Aisha Tyler.
A new morning news show hosted by Ron Wilson is added to the schedule at 10am.
Breakfast stays on the network, but is cut by half an hour and will now finish at 8.30am.