The three-year scheme, which took nine graduates last year and involves training across PA's regional bureaux, will not run because of the current industry pressures, a spokeswoman for the PA told Journalism.co.uk.
Deadline for applications for this year's intake was on Monday and new graduates were due to be taken onto the scheme this summer.
The agency's additional long-term training programme in production journalism will proceed as planned, while sport and IT trainees will continue to be recruited on an ongoing basis.
"In light of the current pressures being felt by the media industry, the Press Association has taken the decision not to recruit any new entrants to its in-house multimedia journalist training scheme for summer 2009," the spokeswoman said.
"We remain committed to the scheme which has trained 143 journalists over the past 15 years and there are still currently 16 trainees at various stages of the three year programme."
The trainees currently part-way through their PA training will not be affected by the decision, the spokeswoman added.