Organisers announced the cancellation of the event, which was scheduled for May, on Saturday (AEDT), with the Dubai Women's Tour also reportedly dropped.
These cuts leave the UCI Women's World Tour with a severe lack of elite early season racing events.
19 out of 22 events now remain for the Women's World Tour, after the cancellations of the Cadel Evans Great Ocean Road Race and Itzulia Basque Country.
"We know it is very disappointing news that the events planned for May cannot take place, especially for charities, as more than £80 million has been raised for good causes since the first event in 2013," event director Hugh Brasher told Cyclingnews.
"However, I am sure everyone understands why this decision has been made and we look forward to welcoming participants and the professional peloton to ride the streets of London in 2022."