The funnyman, who wrote and starred in the popular sitcom Everybody Loves Raymond for nine seasons, signed a deal with American network TNT in 2009 to pen the comedy, which focuses on the lives of a middle-aged man and his two college buddies, played by Andre Braugher and Scott Bakula.
However, after just two seasons, network executives have decided not to move forward with the show for another series, blaming the axing on viewing figures.
A spokesperson says, "TNT has been proud to be a part of Men of a Certain Age for two seasons. While the show has featured great storytelling and impeccable performances, the audience simply hasn't built to the point where we can continue the series.
"This was an extremely difficult decision for us. We wish Ray Romano, (co-creator) Mike Royce and the terrific cast and crew of Men of a Certain Age the very best and look forward to exploring new programming possibilities in the future."