The Brownlee Tri official website confirmed that this summer's event at Harewood House, near Leeds, would not be going ahead, but a reason for the cancellation has not been given.
The race in the estate's grounds has been held for the past four years, since Alistair and Jonny's medal triumph at London 2012, and had proved extremely popular with competitors.
It was originally intended as a legacy event for the Brownlees, who live in Bramhope and are committed to increasing participation in the sport.
Over 1,500 entrants took part in the 2015 event.
The statement read:
"For four years, Brownlee Tri has welcomed thousands of triathletes of all ages and abilities to Alistair and Jonny Brownlee's home county of Yorkshire. However, sadly after much consideration there will be no event taking place this year.
Our thanks go to all Brownlee Tri participants and partners in recent years for their support. We created a great triathlon event and some amazing memories we can all be proud of.
We would like to take stock and hope that Brownlee Tri will return in the future."