The spoof celebrity travelogue spinoff of Radio 4's Down The Line from Charlie Higson and Paul Whitehouse stars Rhys Thomas and aired for eight episodes earlier this year.
Confirming the cancellation of the show, Higson wrote on Twitter: "Have just heard that BBC in their wisdom have said no to 2nd series... So farewell then Bellamy's People. Silly tw*ts. My guns will be loaded when I return to blighty."
In response to the decision, fans of the programme have written an open letter to BBC controller of comedy commissioning Cheryl Taylor on PetitionOnline describing the show as "one of the best comedies the BBC has produced in recent years".
The petition reads: "The recent strategic review has made it clear that BBC Two must 'Establish a stronger and more distinctive role in comedy, supporting the cult classics of the future as well as new comedy with the potential to become the mainstream hits of tomorrow'.
"We feel commissioning a second series of Bellamy's People - with its strong character-based comedy combined with cutting edge experimentation - would show strong willingness to meet this challenge."