The cult 1960s series was revived as Mockingbird Lane starring O'Connell as Herman Munster, De Rossi as his vampire bride Lily, and Eddie Izzard as Grandpa Munster.
However, bosses at NBC had a mixed reaction to the finished product and put the sitcom on the back burner.
They aired the pilot episode as a Halloween special in October, drawing more than 5.4 million viewers, but TV executives have now decided to axe the project for good.
Creator/executive producer Bryan Fuller confirmed the news in a post on Twitter.com, writing, "I tweet with a heavy heart. NBC not moving forward with Mockingbird Lane. From producers and cast, thank you all for enthusiasm and support."