ABC dropped Happy Endings after three seasons in May, but rumours soon emerged that the series could be picked up by a cable channel.
USA Network emerged as the most likely network to pick up Happy Endings, although negotiations between the network and Sony TV apparently stalled two weeks ago.
Deadline cites insiders as claiming that USA Network has formally passed on the series, over fears about the show's low ratings.
Sony TV is apparently still seeking other options for the show, including the possibility to stream a new season on either Netflix or Amazon.
Happy Endings' loyal fanbases have also launched several online campaigns to save the critically-acclaimed sitcom.
Casey Wilson, Adam Pally, Elisha Cuthbert, Eliza Coupe, Zachary Knighton and Damon Wayans Jr star as friends dealing with relationship and work woes in Chicago.
The series premiered on ABC in April 2011, and wrapped up its third season on May 3.
Watch a clip from the show below: