Camelot owners Knights Leisure have taken the decision to not re-open the theme park in 2013.
It is understood that details of the closure are likely emerge in the local press as early as Saturday.
An adjacent hotel has had confirmation from the theme park’s management that the attraction will not be re-opening next year.
Signage advising of the originally-planned 29 March reopening has reportedly been removed in recent days.
The park’s future is now unclear but there has no official statement from Camelot as yet, with its website still displaying the 2013 re-opening date.
Located in Chorley, the site has for several years been earmarked by developers for the construction of housing.
No major ride investment has taken place for more than five years, and the park’s closure had been widely anticipated for some time.