The bomber, named Avro Vulcan XH558 ‘The Spirit of Great Britain’, was used by the RAF during the Cold War, is often seen at air shows and military displays across the UK.
It is set to make one last flight later this month before being grounded for exhibitions.
The aircraft’s grounding comes as engineering backers, including Rolls-Royce, withdrew support.
Built in 1952, XH558 was in service between 1960 and 1983.
Able to travel at speeds of up to 600mph, it costs £2.2 million a year to keep it maintained and insured, and costs £19,000 an hour to fly.
There are a number of Vulcans stationed throughout the UK, including two ‘taxiable’ aircraft - XM655 based at Wellesbourne Mountford Airfield in Warwickshire and XL426, which is based at London Southend Airport.
Scotland’s National Museum of Flight is home to Vulcan XM597, which saw action in the Falklands.