The Mumbai Mirror reported members of the board had met the Champions League T20 Governing Council over the weekend where the the decision was taken.
The publication said both Cricket Australia and Cricket SA were informed.
CSA spokesman Altaaf Kazi, however, said the South African cricketing body had not been contacted.
“We have not received any communication yet. So we can’t make any comment,” Kazi told the African News Agency (ANA).
Since the start of the tournament in 2009, the tournament has struggled with sponsors and crowd attendance and television ratings as a result.
One of the reported figures for the non-Indian franchises included 200 000 US dollars for appearing at the tournament.
The South African teams that would have been eligible for the competition this year would be the Cobras and the Knights who contested the local T20 final in Cape Town in December. – ANA
Original source: Champions League T20 scrapped - report