The gaming expo was scheduled to return for a second year following the success of 2011's event.
However, as a result of GAME's recent troubles, which saw the retailer enter administration before being saved by OpCapita, this year's event has been cancelled with suggestions that it will return in 2013.
"I'm afraid GAMEfest won't be happening this year but we do have some cool things in the works," the company announced via Twitter.
"By the way - this doesn't mean it won't happen next year. *wink*" it added.
Last year's GAMEfest was held at the Birmingham NEC, attracting upwards of 30,000 visitors. It was open to anyone with a Reward Card.
The event featured the first UK hands-on with Modern Warfare 3 and Batman: Arkham City.
Watch a trailer for Batman: Arkham City - Game Of The Year Edition below: