According to reports, the much-talked about Gossip Girl spinoff we were getting ready to see previews of in Monday's episode is no longer happening.

The upcoming "Valley Girls" contains flashback scenes which were supposed to provide a tempting taste for next fall's spinoff following the wild teen years of Lily van der Woodsen (played by Brittany Snow) in Los Angeles during the 1980s.

But even though the CW executives reportedly loved its yesteryear vibe, the new show from GG executive producer Josh Schwartz went from hot, to lukewarm, to "fading but wouldn't count out," to now dead, according to insiders.

With three time slots to fill and six pilots under consideration, the Gossip Girl spinoff apparently didn't make the final cut, for one reason or another.

UPDATE: E! Online is reporting that while the spinoff is indeed battling the new Melrose Place (which looks like a virtual lock) along with The Beautiful Life and Vampire Diaries, reports that it's out of the running completely are premature.

Nevertheless, not good news for those hoping for the spinoff. Can Monday's episode resurrect its hopes? Are you disappointed? Apathetic? Tell us below.

Steve Marsi is the Managing Editor of TV Fanatic. Follow him on Google+ or email him here.