The cookery gameshow was revived last year with Clark-Neal, 32, as its host, after its initial run ended in 2010.
The BBC has now confirmed it will not be making any more episodes of the updated version.
A spokesperson said: "We sometimes have to make difficult decisions to grow new shows and after two brilliant series of Ready Steady Cook, we’re making space in the schedule for some exciting new titles that we’re sure viewers will enjoy.
“We are hugely grateful to Rylan and our team of chefs for making the return of the series so special.”
Ready Steady Cook – which sees two contestants helped by celebrity chefs compete to cook the best quick, easy budget meal from a set of ingredients they have chosen – began in 1994.
Ainsley Harriott, 64, took over as host in 2000 and the gameshow – famous for featuring team names Green Peppers and Red Tomatoes – ran until 2010.
Hosting the gameshow reboot was the latest in a string of presenting jobs for former X Factor contestant Clark-Neal.
Since Big Brother came to an end on Channel 5 Clark-Neal has found work on Strictly spin-off It Take Two, hosted his own BBC Radio 2 show and presented ITV gameshow revival Supermarket Sweep.
He later confirmed he has split from husband Dan Neal after six years of marriage.
Clark-Neal said in a statement: “I have made a number of mistakes which I deeply regret and have inevitably led to the breakdown of our marriage.
“I have taken time away from work as I am not in a good place at the moment and am seeking help."
The TV presenter was a finalist on Celebrity MasterChef in 2015 and recently returned as a guest judge on the latest series of the show.
Clark-Neal married ex-police officer Dan in November 2015 after being engaged for a year. Clark took on Neal's surname after they wed.
Clark-Neal had made several appearances on reality TV – including as a finalist in Katie Price's modelling series Signed By Katie Price in 2011 – before finding fame as a contestant on The X Factor in 2012.
Watch: Rylan Clark-Neal confesses 'mistakes' have ended marriage