The show, about a group of hard-partying young teens, became an instant hit when it debuted in 2007, pulling in 1.5 million viewers.
Hoult made his return to the spotlight following his role in About A Boy as a child - he stayed for two series before heading to Hollywood for parts in A Single Man and X-Men: First Class.
His co-star Patel went on to international acclaim for his turn in Slumdog Millionaire in 2008.
The show has since swapped casts several times but failed to keep audiences interested, and now bosses at broadcaster Channel 4 have confirmed the next season, to be aired in 2013, will be the last.
A statement from the network reads, "Skins is a brilliant show which has defined a generation and will go down as a truly iconic, game-changing piece of television.
"After seven series it is time for E4 to make way for the next generation of the bold, the new and the innovative."