The two magic shows failed to pull in massive ratings and despite a revamp for the BBC programme's second series earlier this year, neither will return, reports The Sun.
A BBC rep said: "We can confirm that a third series of The Magicians will not be commissioned by the BBC."
Originally hosted by Lenny Henry in 2011, Magicians had an overhaul this year, switching to live tricks, more celebrity guests and new presenter Darren McMullen.
However, the revamped show failed to match the first series ratings and struggled to sub-5 million figures.
A pilot for Penn & Teller: Fool Us was highly-acclaimed in January 2011, but following a full series run in the summer, ITV will not be renewing its attempt at a primetime magic show either.