Peru became the second country in recent weeks to be stripped of the right to host a Fifa tournament, after the governing body on Monday said the South American nation had failed to fulfil infrastructure commitments ahead of the under-17 World Cup.
Fifa said the U-17 tournament is still set to take place from November 10-December 2, adding that its Council will designate a new host.
"The move was made given the inability of the host country to fulfil its commitments to completing the infrastructure required to stage the tournament," Fifa said in a statement.
"Despite a very positive working relationship between Fifa and the Peruvian Football Federation (FPF), it has been determined that there is now not sufficient time to secure the required investment and complete the necessary work with the Peruvian government ahead of the tournament start date.
"Fifa would like to express its thanks to the FPF for their efforts, and remains open to organising a competition in Peru in the future."
The FPF took note of Fifa's statement, before providing further explanation for the decision.
"The decision is based on the delays in the start of the execution of the sports infrastructure works ... in addition to the recent weather events in Peru that have caused damage and left many families affected," the FPF said in a statement.
Peru's northern region was struck by torrents of rain last month in the midst of Cyclone Yaku, leading to homes and cars being buried in mud and the deaths of at least six people.
The Peruvian federation added that it and Fifa had been working on the "operational organisation" of the event, while Peru's government focused on investment in the infrastructure of public venues.
"Despite the willingness of the government authorities to fulfil the obligations assumed as a country before Fifa, its implementation unit did not manage to comply with the processes within the established deadlines," the FPF said.
Last month, Indonesia was stripped of its hosting rights for the Under-20 World Cup, following outrage among some politicians in the predominantly Muslim nation about Israel's participation.
Both tournaments were initially scheduled to take place in 2021, but were moved to 2023 due to the Covid-19 pandemic.