The sketch TV show premiered in 1990 and introduced the world to the likes of Jennifer Lopez, Jim Carrey and Jamie Foxx, before it went off the air four years later.
Creator Wayans recently announced he was set to resurrect the programme, with many of the original cast members agreeing to lend their support, but the reboot has now been axed.
Wayans tells the New York Post, "The bar for In Living Color is so high that, if I didn't feel like we could sustain that, then I did not want to move forward. I just feel like we're in a different time.The talent pool is different, and I don't think that type of show works nowadays. The level of talent required doesn't exist. Not that this generation isn't talented, but they're just talented in a different way."
And Fox network executive Kevin Reilly explains, "The stars just didn't align. Also, it didn't feel like a series prospect, and I didn't want to just do a one-off special."