T in the Park's organisers today confirmed the event has been shelved - blaming its forced relocation over an underground pipeline and a prolonged battle over an osprey's nest.
DF Concerts, the promoters behind the event since its launch in 1994, and long-time sponsors Tennent's Lager said the event would be "taking a break".
An official announcement said the organising team would be taking a "year out" to take stock over the future of T in the Park.
But there was no mention of a new festival DF Concerts is said to be plotting to launch on Glasgow Green next summer.
T in the Park was hugely successful when it was staged at Balado airfield in Kinross, but DF was forced to uproot the event due to long-standing concerns from the Health and Safety Executive.
It then faced a prolonged battle to secure planning permission for its new site on the Strathallan Estate due to concerns over the impact on the local environment and wildlife.
The joint statement from DF and Tennent's read: "For over 23 years, T in the Park has been at the heart of Scotland’s music scene – with you, by our side. But for now, sadly, we need to take a break.
"We launched T in the Park with one aim: to give Scottish music fans an unforgettable weekend with their friends enjoying the best acts from around the globe.
"And to say we achieved this together is an understatement. T in the Park has become one of the best known, biggest and most loved festivals in the world.
"When we launched back in 1994 there were only two music festivals in the UK - now there are many and T in the Park paved the way for all that have come and gone in Scotland since. We created more than just a festival; we created a family and decades of wonderful memories.
"However, the last couple of years have had their challenges. Against our will, and despite a prolonged fight, we were forced to move from Balado, Kinross in 2015.
"This move was a mammoth task for the event and one that was compounded by a series of onerous site restrictions placed upon us as preparations for the event in 2015 took place.
"As the build up to the festival was well underway we were informed by Scottish Government Ministers that we would have to apply for full Planning Permission due to the presence of an unregistered, but protected in law, osprey's nest.
"The constraints – logistically and financially - that the resulting planning conditions put upon us are simply not workable.
"We tried our best to work with the pressures placed upon the site by bringing in an additional team and fixing the first year traffic issues, but ultimately we’re not in control of the overall site layout and the continued restrictions means that the negative impact on our fans and the limitations placed on their experience is too great.
"We now need to take stock and take a year out to try to resolve the issues so that we can once again deliver the kind of camping festival you are used to and deserve."