Executive producer Dean Devlin admitted earlier this month that the conman drama was in danger of being axed.
Deadline has now confirmed that the show, which premiered in 2008, will not be returning for a sixth season.
A statement from the TNT network read: "Leverage has thrilled audiences with its delightfully intricate plots, its 'stand up for the little guy' attitude and its terrific performances from stars Timothy Hutton, Gina Bellman, Christian Kane, Beth Riesgraf and Aldis Hodge.
"But after five wonderful years, it's time to say goodbye."
Devlin earlier revealed that due to the uncertainty about the show's future, the fifth season finale would be "the episode we had planned to make to end the series... the series finale we had always envisioned".
The producer has now released a letter thanking TNT, his cast and the show's fans for their support. He described the cancellation as "a bittersweet goodbye".
The last episode of Leverage will air on Christmas Day at 9p ET on TNT.