The two shows, both shown on Five, were apparently axed after disappointing ratings. Heads or Tails failed to attract a million viewers, while Good Times was watched by fewer than half a million, says The Sun.
A source said: "Justin is a top bloke but finding him a hit has been an upward battle for Five.
"Heads or Tails was a reasonable format but it was a bit one-dimensional and viewers didn't stick with it.
"Good Times just never hit the mark. Let's face it, chat shows are ten a penny - you need to really stand out. It didn't play to Justin's strengths as he looked like he was constantly fretting about the next question."
Collins will still front a three-part travel series in Japan for Five later this year.