Steven Spielberg's big budget dinosaur drama Terra Nova has been axed after just one season.

The show debuted on Fox network last year and the twice-delayed two-hour premiere was rumored to have cost between $10 million and $20 million.

However, bosses at Fox have now decided not to screen a potential second season following the show's finale in December, according to The Hollywood Reporter.

The website reports the studio behind the show, 20th Century Fox, will attempt to bring the series back to life by offering it to other networks.