The 34-year-old former world champion has been away from the sport for more than six years due to personal problems and was set to resurrect his career on Maloney's bill in Blackpool on March 31.
However, those plans have been scuppered following Harrison's arrest on Wednesday in connection with an alleged theft at a supermarket in Rutherglen, near Glasgow.
Promoter Maloney has now washed his hands of Harrison, whom he managed when he was at the top of his sport.
"No, Scott will not be on the bill," said Maloney.
"I made the decision yesterday [Wednesday] after I heard what had happened.
"I haven't spoken to Scott but I spoke to his father, Peter.
"I have severed all business relationships with Scott."
In December Harrison vowed to challenge for a world title after the British Boxing Board of Control (BBBofC) made the decision to grant him his licence after his case was backed by the Scottish Boxing Area Council.
The Cambuslang boxer has not fought since he successfully defended his WBO featherweight belt in November 2005 against Nedal Hussein.
In 2006, he checked into The Priory Clinic in Glasgow for depression and alcohol problems and later lost his licence.
He subsequently served two-and-a-half years in a Spanish prison after being found guilty in 2009 of assault and attempted theft of a car in Malaga three years earlier.
Robert Smith, general secretary of the BBBofC, told Press Association Sport: "His licence was in order but according to our records and the documentation we received, he was never on the bill, although it is not unusual to have boxers added.
"But I spoke to Frank and he told me that Scott would not be on the bill so there is no decision for us to make now."