Archewell Productions, the company formed by Markle and her husband, Prince Harry, said last year that she would be an executive producer of "Pearl". The series was to be centered on the adventures of a 12-year-old girl who is inspired by influential women from history.
The couple is formally known as the Duke and Duchess of Sussex. Archewell did not immediately respond to a request for comment.
Picture used for illustrative purposes only.
Netflix also decided not to move forward with the two animated children's series "Dino Daycare" and "Boons and Curses."
The decision to cancel these shows comes after Netflix reported a loss of 200,000 subscribers in the first quarter, falling well short of its forecast of adding 2.5 million.
Last year, Netflix extended a deal for animation films with Comcast subsidiary Universal Pictures, a move that was expected to help Netflix hold on to child viewers.
Netflix said on Sunday it would continue to work on projects with Archewell, including the previously announced documentary series "Heart of Invictus". This will focus on athletes competing in the Invictus Games for injured veterans in The Hague in 2022.
Netflix did not respond to a query on whether it would cut more animated shows.