In a statement to the Australian stock exchange, Multiplex said the Football Association wanted "100% certainty" the stadium would be ready by May 13.
The decision is set to be confirmed by the FA later today, in what had become one of the worst kept secrets in football.
England's World Cup warm-ups against Hungary on May 30 and Jamaica on June 3 are expected to move to Old Trafford.
It means the new stadium - being billed as the best stadium in the world - will not be showcased to the global audience that the FA Cup final would have provided.
The original completion date for the stadium had been autumn 2005, with the deadline first extended to the end of January and then the end of March.
Multiplex warned in January that there was only a 70 per cent chance of the 90,000-seat stadium being ready to stage the FA Cup final.
The firm will be penalised £1million a week for over-running the deadline.
Multiplex issued six profit warnings between February and December last year, largely due to cost increases at the project, causing its shares to drop 42 per cent in 2005.
The firm has already acknowledged it has lost £75million on the £757million project, and analysts expect the figure could now exceed £100million.
