Earlier, The Sun claimed that the comedy is being dropped because of falling ratings.
A source told the newspaper: "There are no more planned now. Harry & Paul is finished. I am sure they will do other stuff for the Beeb, just not this. There simply isn't the space in the schedule."
However, a spokesperson for BBC Two told Digital Spy that the channel is hoping to recommission the show when the duo are free to make another series.
"We were delighted Harry & Paul's first series for BBC Two was bold, naughty and funny as ever," she said. "Nothing is confirmed yet but we're looking forward to talking to them about their future plans in due course."
Harry & Paul recently picked up a nomination for 'Best Sketch Show' at the British Comedy Awards. The programme won the honour in 2009.