Originally set for last summer, it was due to star Jake Gyllenhaal and Annaleigh Ashford and to run at the Savoy Theatre, before the pandemic halted plans.
Taking to social media, the company said: "Due to ongoing government restrictions around travel and the reopening of theatres at full capacity, the producers of Sunday in the Park with George have taken the difficult decision that it is not going to be possible for the show to take place in London in 2021. Everyone involved remains 100 per cent committed to making the show work when conditions and schedule align to make it possible.
"Existing ticket holders will be contacted via email within seven days to discuss their options.
"Jeanine Tesori, Riva Marker and Adam Speers say: 'We're of course disappointed that Sunday in the Park with George couldn't happen last year as planned but remain committed to bring this beautiful show to the West End. We speak for the entire creative and production team when we say how much we wanted to bring Stephen Sondheim and James Lapine's once-in-a-lifetime musical with Jake Gyllenhaal and Annaleigh Ashford's remarkable performances to London and will let everyone know as soon as we are able to make it happen'."
The Pulitzer Prize-winning piece, with music and lyrics by Sondheim and book by Lapine, follows Georges Seurat as he tries to complete his famous painting A Sunday Afternoon on the Island of La Grande Jatte.
It initially ran on Broadway in 1984 and won two Tony Awards, going on to win two Olivier Awards when it had its London premiere in 1990 including Best New Musical. The revival at the Savoy would have marked 30 years since the original UK production.
Watch a performance here: