At its peak the soccer drama regularly drew 8 million viewers but ratings fell to as low as 4 million by the end of its fifth series last month.
"Footballers' Wives has had a great run on ITV and we're proud that we created one of the most talked about TV shows of recent times," said Brian Park, MD at production firm Shed Productions.
"We mutually agreed with ITV that we finish Footballers' Wives on a high and we're in active discusions with ITV regarding a replacement drama or dramas."
The news comes on the heels of BBC America picking up the fifth series of the show in the US.
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