The project, a follow-up to the cult hit BBC Two sitcom that originally broadcast from 1991 to 1995, was officially announced by the BBC in August, to be based on the hit touring show, Bottom Live 3: Hooligan's Island.
A co-production between the BBC's in-house comedy department and Phil McIntyre Entertainment, the six-part series was expected to broadcast in 2013, written by and starring Adrian Edmondson and Rik Mayall.
However, it has now been publicly confirmed that the series has been cancelled. Edmondson told BBC Radio Essex at the weekend: "We started working on something and we realised why we stopped working together. It wasn't working."
Edmondson, who walked out of the project, seemed slightly cagey as to why: "Because I enjoy other things more."
"I'm aware that people think comedy's easy to do and write and everything, and it relatively is to be honest. But once you get to a certain age you want to do things you really enjoy, not just things you can do."
Below is the first part of the recording of Hooligan's Island, with subsequent parts available to watch on YouTube. All the Bottom Live shows can be purchased in The Big Bottom DVD Box.