Sadiq Khan announced that it would not be possible to put on the annual event as usual due to safety concerns.
Mr Khan told LBC radio on Friday: "There will not be fireworks on New Year's Eve this year like in previous years.
“We simply can't afford to have the numbers of people who congregate on New Year's Eve, congregating.”
The annual event typically sees some 100,000 people gather in the streets around Victoria Embankment.
However, he hinted there may be something else in the works to replace the traditional end-of- year display.
"What we are working on - we're not in a position yet to say what it is, because we've not done the details – is to do something that people can enjoy in the comfort and safety of their living rooms on TV.
“And so as soon as we've managed to bottom that out, I'll be letting Londoners know, and people across the country, in fact.”
The mayor also stressed the economic significance of the city’s celebrations in light of the economic downturn caused by the pandemic.
"But we can't afford to lose that slot ... because New Year's Eve is a really great opportunity for the rest of the world to see how wonderful our city is.
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