The race, held at the Yeongam circuit near Mokpo, has been dropped after four years on the calendar.
The event has struggled financially since its inaugural race in 2010 but Park Joon-Yung, Governor of The Southern Province of South Jeolla, is adamant that the sport is crucial to the area.
"Formula 1 is the future of our province," he said. "We will make steady efforts to achieve our goal, even though the race will not be held there next year."
A proposed race at Port Imperial in New Jersey was initially set to take place in 2013 but was postponed until 2014. However, next year's calendar will not feature the event and organisers are hopeful that the race will eventually take place in 2015.
"Our entire management team and our supporters in New Jersey, New York and throughout the F1 community obviously want to see the inaugural Grand Prix of America at Port Imperial take place as soon as possible," said Grand Prix of America chairman and promoter Leo Hindery Jr.
"Bringing a world-class race to the world's largest media market is a huge undertaking that has required balancing construction of our road course, without tapping any public money, with the Sport's own timing demands."
"I want to thank Formula One Management, New Jersey Governor Chris Christie, Mayors Richard Turner and Felix Roque, Roseland Property Company and the other local property owners involved for their patience while we've worked to get this right so that we can finally go racing in 2015."