No reason was given for the streaming service's decision.
Co-starring Judith Light and Danny Pintauro, the show initially aired for eight seasons from 1984 through 1992 on ABC.
It followed Tony (Danza), the widowed father of young Samantha (Milano), who leaves their Brooklyn neighborhood for a job in posh Connecticuct as a housekeeper/nanny for Angela, a stuffy advertising executive and single mom of Jonathan (Pintauro).
Danza and Milano were to reprise their characters, which was to be written and executive produced by Mike Royce, co-showrunner of the recent One Day at a Time revival.
Danza and Milano have remained close over the years with Danza even attending Milano's recent performance in the Broadway show, Chicago.