Following an eight-year run, "Superstar K" will be taking a break for now, the company said Tuesday.
It is an iconic singing audition programme on cable music channel Mnet.
"There is no 'Superstar K' in this year's programme lineup," Mnet said.
However the company denied the rumour that it will not be continuing with the show anymore. It is in the process of re-examining the show, leaving the door open for possibilities including a change of its title and format.
Started in 2009, the show achieved record-breaking success for a cable programme, drawing a viewership rating of 18.1 per cent at its peak.
Its success led to a boom in audition programs among Korean broadcasters, including MBC's "Star Audition: The Great Birth," SBS' "K-pop Star" and KBS' "TOP Band."
"Superstar K" has produced many Hallyu stars, such as Seo In-guk, Huh Gak, Busker Busker and Roy Kim. The rumour that the show might be cancelled came about as its viewership rating has been declining, falling below 2 per cent for its latest season in 2016.