Couric and the show's producer, The Walt Disney Company, announced the decision Thursday, calling it a mutual one.
"While production will continue on 'Katie' through June 2014, we've mutually agreed that there will not be a third season of the show," they said. "We're very proud of everyone's contributions to making Katie the #1 new syndicated talk show of 2012-2013, and we look forward to the rest of the season."
The announcement was widely expected after Couric, 56, announced she was making a transition into online programming. The American journalist has joined Yahoo to anchor an expansion of the Internet company's video news coverage.
"Katie," which is now in its second season, will continue to tape new shows and air new episodes through the summer.
After making her mark in local television news, Couric went on to become a star on "The Today Show" in 1991. Years later, she took over the anchor chair at "CBS Evening News," becoming the first female solo anchor of weekday network evening news broadcast.
She left "CBS Evening News" in May 2011 after five years on the desk to host and produce her nationally syndicated one-hour daytime talk show on ABC.
The Associated Press contributed to this report.