Bahrain GP was orginally a season-opening race but was postponed due to civil unrest in the country.
International Automobile Federation's (FIA) World Motor Sport Council had reinstated the race on June 3 after having a fresh look at the prevailing situation in the country but many drivers and teams had shown apprehensions in going to the troubled nation.
Formula One chief Bernie Ecclestone was asked to re-examine the decision.
FIA had pushed the Indian race to December to accommodate the Bahrain GP but now it seems that the Indian GP could now be held as scheduled.
The Bahrain GP organisers, however, promised to return next season.
"Whilst Bahrain would have been delighted to see the Grand Prix progress on October 30th in-line with the World Motor Sport Council's decision, it has been made clear that this fixture cannot progress and we fully respect that decision," Bahrain International Circuit (BIC) chairman Zayed R Alzayani said in a statement.
"Bahrain has absolutely no desire to see a race which would further extend the calendar season and detract from the enjoyment of F1 for either drivers, teams or supporters. We want our role in Formula One to continue to be as positive and constructive as it has always been, therefore, in the best interest of the sport, we will not pursue the rescheduling of a race this season," the statement read.
Alzayani said they are looking forward to host the race in the 2012 season.
"We look forward to welcoming teams, their drivers and supporters back to Bahrain next year and would like to extend our deepest gratitude to our supporters, including staff, volunteers, sponsors, private businesses and the general public, for whom I know this year's decision will be a disappointment."
