Idowu, the 2009 world champion who flopped at the 2012 Olympics after turning up short of fitness, said he would take a break from the sport after facing heavy criticism for his attitude before the Games.
And he is among several GB track and field athletes deemed unworthy of full funding as UK Sport prepares for the next Olympic cycle.
Former world medallists Andy Turner, Jenny Meadows and Lisa Dobriskey also miss out, as the women's 4x100m relay team were restored to the group of elite athletes after winning bronze at the World Championships this year.
British Athletics performance director Neil Black believes everything is on course for Rio 2016.
In a busy year, which includes the Commonwealth Games and European Championships, Black has slimmed down the list of those receiving 'podium funding', designed for athletes with the potential to medal at the Rio Olympics.
An additional 16 athletes will be targeted with funding aimed at success in the 4x100m and 4x400m relays, while 44, viewed as long-term medal prospects, will be backed as part of the podium potential programme.
Idowu, Meadows and Dobriskey, world medallists in 2009, and Turner, a world 110m hurdles bronze medallist in 2011, are among some of the athletes not feature on the list.
"Our immediate focus is firmly on medals in 2016, followed by London 2017 when we will host both the IAAF and IPC World Athletics Championships. From there attention shifts to Tokyo 2020 and our selections absolutely reflect that focus," said Black.
"2013 was an excellent year for the British team across both the Olympic and Paralympic programmes. And once again I am confident 2014 will bring further success in what will be another extremely busy indoor and outdoor season."