The entrepreneur took to Twitter this evening (February 7) to respond to a user's query as to whether the reality TV show would be making a return to BBC One.
Sugar replied: "NO BBC HAVE DECIDED TO STOP IT."
RT:will there be another series of Young Apprentice. hope so..... NO BBC HAVE DECIDED TO STOP IT— Lord Sugar (@Lord_Sugar) February 7, 2013
The series, which ran for three series between 2010 and 2012 and starred aides Nick Hewer and Karren Brady, offered teenagers between the ages of 16 and 17 the opportunity to win an investment for their business plans.
There had been rumours that the broadcaster was not keen to renew Young Apprentice following poor viewing figures for the series that aired last year.
Arjun Rajyagor, Zara Brownless and Ashleigh Porter-Exley were all crowned as winners of Young Apprentice.
Sugar also confirmed that the new run of The Apprentice would air "late spring this year".
Watch a clip from last year's Young Apprentice finale below: