Flights from Reykjavik to the theme park capital of the world had been due to get under way on 30 September, supported by a connecting service from Stansted.
However, in a trading update, Play said higher fuel prices had forced it to rethink its fleet.
It will no longer lease the Airbus A321neo LR aircraft it needs to operate transatlantic and will instead lease an Airbus A320neo "at more favourable terms".
"As a result, the planned three-times-weekly Orlando service that was supposed to start on 30 September 2022 will not commence," said the airline.
Play also plans, from 4 November, to offer a twice-weekly Liverpool-Orlando service via Reykjavik. It is unclear whether Play’s proposed new fleet mix will impact this.
TTG has approached Play and Liverpool John Lennon airport for further comment.
Play announced the Stansted route in February, with the Liverpool one following in early April. Both were on sale for £149.99pp one-way without baggage.
