The hit dating show had already started casting for the summer instalment - which involves couples living intimately in a sun-soaked villa.
But as a result of the coronavirus pandemic, travel limitations and issues with safeguarding staff and contestants, the channel has now stated it is unable to progress as planned.
Kevin Lygo, Director of Television at ITV, said: "We have tried every which way to make Love Island this summer but logistically it's just not possible to produce it in a way that safeguards the wellbeing of everyone involved and that for us is the priority.
"In normal circumstances we would be preparing very soon to travel out to the location in Mallorca to get the villa ready but clearly that's now out of the question."
He added: "We are very sorry for fans of the show but making it safely is our prime concern and Love Island will be back stronger than ever in 2021."
The ITV boss went on to advise that fans could binge old series' of the show on BritBox in the meantime.
As the news was announced, the show's most recent host Laura Whitmore (who stood in for the late Caroline Flack during the last season) took to social media to break the news herself.
She wrote: "Like with a lot of things because of restrictions with travel, social distancing and unable to plan ahead, Love Island is postponed until 2021.
"Great news is that there have been more applications then any other series! Next year is going to be BIG. Stay safe (sic)."
So, at least we know when the new series does arrive, it's going to be a corker!
The announcement comes as the Love Island boss was recently quoted saying he felt Islanders "slavering over each other" wouldn't sent the right message to the public about social distancing.
Speaking at Edinburgh TV Festival last week, Kevin dropped a pretty strong hint the show wouldn't be airing.
"What signal might it be sending out if we're doing a show where everyone is crammed together slavering over each other, and the rest of the world is told not to go near anyone in the park?"
Thinking positively, we guess we're lucky we already had Winter Love Island this year, eh?!