The hit sci-fi drama, starring former S Club star Hannah Spearritt, had 5.3 million viewers tune in to watch the start of its third series - but The Sun reported due to ITV's financial loss of £2.7 billion it would not be making any more episodes.
However an ITV spokesperson said: "It's not true, it's not going to be axed, it just hasn't been recommissioned and it is not unusual to wait for a series to run before considering recommission."
Meanwhile, Martin Shaw revealed in an interview on BBC Breakfast on Wednesday morning that his hit BBC One legal drama Judge John Deed has been axed.
The 64-year-old actor said the show "Would not be coming back."
A BBC spokesperson said: "Judge John Deed had a highly successful six-year run and it remains a series we are very proud of. But in order to introduce exciting new series to BBC One we have made the decision to end Judge John Deed whilst on a high."
But Martin is appearing in a new crime drama Inspector George Gently which begins on BBC One this Sunday.