The news of the cancellation came hours after a Foreign Office spokesperson said the visit was still "intact".
Dunya TV reported quoting National Security Advisor Sartaj Aziz that the Chinese side called off the visit due to the fragile security situation in Islamabad.
Pakistan had suggested that the Chinese leader could land in Lahore where all meetings would be arranged but Beijing did not agree, it was reported.
The preparations for the visit had been on for months as several key energy and infrastructure projects were expected to be signed during the trip of Xi, who is also general secretary of the ruling Communist Party of China.
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Pakistan has been rocked by over a fortnight of anti-government protests demanding the ouster of Prime Minister Nawaz Sharif.
Yesterday, China had played down reports that Xi may call off his visit to Pakistan due to the political stalemate in the country, hoping that the crisis would be resolved through dialogue.
Xi was expected to begin his visit to the subcontinent with Pakistan, an 'all-weather ally' of China, followed by Sri Lanka and India in the third week of this month.
China has not yet officially announced the schedule for Xi's South Asia visit.