The decision by the owners of the club, based at the Peugeot Ashfield Stadium, means that the sport will be absent from the city for the first time in 33 years.
Tigers had been due to get their 2020 Speedway Great Britain Championship campaign under way in April.
But fixtures - including an international test match and a prestigious Grand Prix qualifier - were postponed due to coronavirus.
Sport bosses are still intent on running some form of competition this year - if restrictions are eased in the coming weeks.
However, Glasgow's owners say limits on the number of people attending events would make it impossible for them to run.
In addition, five of this year's seven-man team are currently overseas, posing difficulties given the travel restrictions in various countries.
They have also pointed to a difference in rules between Scotland and England, which may make it easier for some clubs south of the border to run matches.
A club statement said: "Every speedway club is different and their own circumstances will be different to ours in terms of the size, layout and capacity of their stadium, the number of average attendees they get at each home fixture, what their own rider availability is like, and geographically where they sit in the country.
"We send our best wishes to those clubs who wish to take part in a shortened season, but it's just not for us given all the challenges it presents.
"We're desperately sad that it has come to this, as we had a fantastic training camp with the boys back in March, and the full team was ready and raring to go."
The last time speedway did not run in Glasgow was 1987, when the club - founded in 1946 - found themselves without a home. They eventually raced fixtures in Workington, Cumbria, before taking up residence at Shawfield Stadium the following year.