The series features three one-day internationals and a Twenty20 match between Asia and Africa to be played in Bangalore and Chennai from June 5-10.
Mumbai-based Nimbus Sports, which held the marketing and TV rights for the event, withdrew late Wednesday, saying the absence of top stars was making it difficult to find sponsors.
"We will not be part of the event in any way," said Nimbus chief Harish Thawani. "We will not be telecasting the event. Neither will we be producing nor bringing sponsorship for the matches.
"It is not viable because there is very little public interest in the absence of big names."
Top Asian stars like Sachin Tendulkar and Rahul Dravid of India, Muttiah Muralitharan, Chaminda Vaas, Kumar Sangakkara and Lasith Malinga of Sri Lanka, as well as Pakistan's Shoaib Akhtar, have all declined to play.
The African side will also be missing their nominated captain, Graeme Smith of South Africa, and team-mate Jacques Kallis.
Asian Cricket Council (ACC) officials admitted Nimbus' last-minute withdrawal was a blow, but stressed it was making efforts to ensure the tournament went ahead.
"It's an important event because it raises funds for the development of cricket in Asia and Africa," ACC chief executive Ashraful Haq said.
"We are trying our best to find an alternative. Hopefully something will work out."
Media reports said the pan-Asian ESPN-Star network could be roped in to televise and market the beleaguered event.
The Asia v Africa series, the brainchild of former world cricket chief Jagmohan Dalmiya of India, was sold to Nimbus for 12 million dollars for a three-year period in 2005.
The first edition was held in Johannesburg in August, 2005, but it was not played last year due to a lack of suitable dates in a crowded international cricket calendar.
The decision by Nimbus comes a day after India's Zee network withdrew from televising a three-match series between India and South Africa in Northern Ireland in June-July.
The matches were part of the Indian cricket board's plan to play 25 one-day internationals at off-shore venues over a five-year period, for which Zee had bought the rights for 219 million dollars.
The first event was held in September last year when India took on world champions Australia and the West Indies in the Malaysian capital of Kuala Lumpur.
Zee said it had scrapped the entire five-year deal because the Indian board was not willing to negotiate a revised price after a government directive to share the TV feed for all India matches with state-run broadcaster Doordarshan.
The Indian board may be forced to cancel the series against South Africa -- scheduled for June 26, 29 and July 1 in Belfast -- if it fails to find an alternative broadcaster.
"The series cannot be held if there is no television coverage," said Indian cricket board secretary Niranjan Shah.