Consultation will take place with 36 London Lite employees before a final decision is made.
Steve Auckland, managing director of Associated Newspapers Free Division, said: "The latest development in the London afternoon free newspaper space dictates that we look again at the future of London Lite.
"Despite reaching a large audience with an excellent editorial format, we are concerned about the commercial viability in this highly competitive area."
The decision follows a move by the London Evening Standard to become a free newspaper from 12 October, accompanied by more than doubling its circulation from around 250,000 to 600,000 copies per day.
The London Lite launched in August 2006, primarily as a spoiler to News International's thelondonpaper and to protect sales of Associated’s then sister paid-for newspaper, the Evening Standard.
Today's announcement had been widely anticipated and comes one month after News International shut-down operations at thelondonpaper.
Claudine Collins, group press director at the UK’s biggest media planning and buying agency, MediaCom, was not surprised by the news from a business point of view, with the London Lite reportedly losing more than £10m a year.
But Collins added: "I think it’s a really sad day. Both the London Lite and thelondonpaper were hailed as great, exciting new things when they launched at the end of the summer of 2006.
"They served to reinvigorate the marketplace, but no one plans for one of the worst advertising recessions in living memory when they put together a three year business plan."
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