The meeting between the two strongmen had been agreed at the G20 summit in Turkey on November 16, just over a week before Ankara shot down one of Moscow's warplanes at the Syrian border.
"It will not take place. It is not planned," Kremlin spokesman Dmitry Peskov told journalists.
Putin and Erdogan have been locked in a war of words over the shooting down of the Russian jet, which led to the deaths of a pilot and of a soldier sent out on a rescue mission, and prompted Moscow to slap economic sanctions on Turkey in retaliation.
Tensions remain high, with Russia on Sunday claiming that one of its destroyers in the Aegean Sea had fired warning shots to avoid a collision with a Turkish fishing boat.