It is not clear whether the sport's governing body would look to keep the event in London or move it to a new venue elsewhere in the country, reports BBC Sport.
The Brighton Centre, Reading Hexagon, Cardiff International Arena, Plymouth Pavilions and Bournemouth International Conference Centre have all hosted top snooker tournaments in the past.
And the International Convention Centre in Manchester has been used for this year's BetFred Premier League.
The Masters is snooker's most prestigious invitation event and recently attracted new sponsorship from Saga Insurance.
