The programme, which also starred Douglas Henshall, Andrew-Lee Potts and former S Club 7 singer Hannah Spearritt, followed a group of scientists studying prehistoric and fantasy creatures.
The third series launched in April with 5.3 million viewers and scored an average audience of 4.41 million until it finished last weekend.
On the channel's decision not to commission a fourth series, an ITV spokesman said: "After three very successful series of Primeval there are no plans at the present time for it to return to ITV. High quality drama remains a key part of the ITV schedule although our current focus is on post-watershed productions."
The programme used CGI effects to brign its creatures to life, and was created by Impossible Pictures, the team behind the BBC's Walking With Dinosaurs.