The 'Goodbye' group had reportedly been planning a string of huge final farewell shows next year.
But after Victoria refused to take part, the remaining band members - Geri Halliwell, Mel B, Mel C, and Emma Bunton - decided to scrap their plans following discussions last week amid concerns ticket and merchandise sales would struggle if the entire band weren't involved, reported Daily Mirror.
"Led by Geri, the girls had been plotting a world tour as a four-piece band, culminating in a final night at Wembley Stadium The three other girls had been initially up for it but once they started having meetings they realised the capital wasn't there," a source said.
The group also realised fashion designer Victoria was vital to their plans because she helped cut so many costs for their 2008 reunion tour.
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"On the last tour she cut a huge amount of costs by getting sponsors, organising the designers to sort the outfits and she even persuaded Michael Jackson and Madonna's choreographer Jamie King to get involved.
The 'Wannabe' hitmakers sold over 80 million records between 1997 and 2000. Geri quit the band in 1998, but returned for their reunion tour in 2008.