The Folio Prize will not run in March 2016, following the conclusion of its two-year title sponsorship by The Folio Society with this year's award.
A statement on the prize website has confirmed: "As we continue our work to secure a new sponsor for the Folio Prize, we have decided not to run a prize in March 2016. Instead, we are concentrating our resources on another promising development for the spring, while at the same time exploring how the prize might best fulfil its aim of bringing great books to readers in the future.
"We passionately believe there remains a place for a prize that is, uniquely, run by writers, and we intend to return with a full-scale prize in 2017."
Folio Prize founder Andrew Kidd confirmed that news on the spring 2016 development would come within the next few weeks.
The Prize, open to all works of fiction written in English and published in the UK, is judged by members of the Folio Academy, an international group of writers and critics.