The show began life as a 1993 Christmas special and then ran for five series until 1997, with comedian Mark Lamarr as one of the team captains - a position later filled by novelist Will Self.
Other regulars included "big baby" scorer George Dawes, played by Matt Lucas, and team captain "Ulrika-ka-ka-ka-ka" Jonsson.
The show was brought back for another run in 2009.
Mortimer tweeted the news, telling fans: "BBC have just cancelled shooting stars".
A BBC spokeswoman said: "In future there will be less space on BBC Two for comedy/entertainment panel shows so sadly Shooting Stars won't be returning. We'd like to thank Vic and Bob for everything they've brought to the channel over the years."