The annual Roald Dahl Funny Prize is to be relaunched in 2016 as part of the author's centenary celebrations.
Set up by former children's laureate Michael Rosen in 2008, the prize is intended to reward authors and artists of humorous children's books.
A spokesman for the Dahl Literary Estate said they looked forward to making the prize "even more impactful".
The prize was created as a joint enterprise between book charity Booktrust, the Roald Dahl literary estate and Rosen.
'Robust future'
"We are delighted with the success that the Roald Dahl Funny Prize has achieved in a fairly short amount of time," said Luke Kelly of Dahl & Dahl.
"The Prize has paid tribute to many fantastically talented, inventive and mischievous storytellers."
Booktrust boss Viv Bird said the prize had been a "phenomenal triumph" but she wanted to ensure "a robust future for this unique celebration of funny books".
Last year's winners, Simon Rickerty (Monkey Nut) and Jim Smith (I Am Not A Loser), received Â£2,500 each.
A children's book prize inspired by Matilda author Roald Dahl has been put on hold for two years.