The event was scheduled for May 14-16 on the Schuylkill River.
Officials say the decision was made after consultation with city officials.
"The well-being of our athletes, coaches, families, fans, referee corps, and volunteers is at the forefront of this decision. With increasingly comprehensive guidelines being issued by health experts and city, state and federal officials, as well as sporting events at all levels suspending play, we feel it is morally and ethically responsible to make this determination," said Erika McCormick, Regatta Director.
RELATED: Coronavirus map: Here's where COVID-19 has spread in the United States