Los Angeles was due to host the game between the best MLS players and a Liga MX side on July 29, but it was officially cancelled on Wednesday (AEST).
It means this year will be the first since the concept was launched in 1996 that a game will not be held.
MLS has been suspended since March due to COVID-19, which has killed more than 324,000 people worldwide.
The United States has been hit hardest, with more than 1.5 million confirmed cases and a death toll exceeding 93,000.
MLS announced the Leagues Cup and Campeones Cup had also been cancelled for this year.