The decision comes in the wake of an apology by the British-German team for its role in the scandal that has come to be known as "spygate."
McLaren were found to be in unauthorised possession of technical information belonging to Ferrari at a meeting of the World Motor Sport Council (WMSC) in September.
As a result, the FIA World Council stripped the British-German team of all its 2007 constructors' points and hit it with a 100- million-dollar fine for its involvement in the F1 spying saga.
The meeting, scheduled for February 14, was meant to decide on whether to impose any further penalties on the team.
It was also to give McLaren, Ferrari and the other teams the opportunity to make representations on the investigation by FIA of the preparatory work by McLaren on its 2008 car to determine whether that car incorporates any confidential Ferrari information.
"Further to the proposal of the FIA President, the World Motor Sport Council has agreed to cancel the hearing scheduled for February 14, 2008," said FIA in a statement posted on its website.