Cable's MTV, where the popular teen series airs, had just ordered a third season of the show with plans to begin shooting in March. The series ended its second season on Dec. 14.
"This was something that came out of the blue," an MTV spokeswoman said.
In a statement that Kutcher released with co-producer Jason Goldberg of Katalyst Productions, the actor said he wanted "Punk'd" to go out on top.
"We have had an incredible time doing the show and have decided to stick with the old adage of 'leave 'em wanting more,'" Kutcher said in the statement.