Atlantis is axed by the BBC after second series
The BBC says it will not be re-commissioning a third series of Atlantis because the corporation says it needs to "keep increasing the range of BBC One drama".
The Saturday night show was given a darker edge in the second series.
The announcement comes after the BBC said it would not be re-commissioning its Bafta award-winning BBC Three series In The Flesh because of budgets.
The second half of series two is due to air soon.
In a statement the BBC said: "The final seven episodes of Atlantis will transmit on BBC One in spring.
"We would like to thank Urban Myth Films and all the cast and crew but the series will not be re-commissioned.
"We are very proud of both series but to keep increasing the range of BBC One drama we have to make difficult decisions to bring new shows through."
The show starred Jack Donnelly as Jason, Mark Addy as Hercules and Robert Emms as Pythagoras with supporting roles from Sarah Parish, Juliet Stevenson, Aiysha Hart and Jemima Rooper.
Last week the BBC announced a raft of new exclusive content for the BBC iPlayer, including nine original comedy shorts and specific programmes starring the likes of Tinie Tempah and Abbey Clancy.
The BBC's controller of television, Danny Cohen, told Newsbeat: "The thing about our dramas is that if you want to try new things, you have to make room for the new things and you have to stop spending money on the ones that are there already to create the space for the new things.
"So there was a time when we had to stop doing something in order to create the space for In The Flesh. Now we have to move on again, so that we can keep providing exciting new things for audiences.
"Along with those two announcements, we also announced a brand new drama for BBC Three, 13. So you have to keep creating space, you have to keep trying new things, otherwise you keep offering the audience the things they had before."