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The singer had originally planned to allow other acts to record the tune but decided the Irish boyband's version was "too cheesy" to be released.
Ronan Keating revealed earlier this week that Boyzone will reform to play a medley of hits on Children In Need, and Mika's composition was going to be the band's comeback single.
An industry source told The Sun: "Mika wrote the song and made it available for other artists.
"Boyzone loved it. They thought it was perfect to launch their comeback so they recorded it and it sounded great - a certain number one."
A friend of Mika commented: "He is keen to start writing for other pop artists as well as himself. But Boyzone isn’t really what he had in mind.
"He was hoping to work with some more interesting artists - Boyzone are a bit too cheesy."
A representative for the pop group said: "It’s a real shame because it’s an incredible song and we all loved it."
