Flack, 40, who appeared on many of ITV's biggest entertainment shows and won Strictly Come Dancing in 2014, was found dead in her London flat on Saturday.
She had stepped down from presenting Love Island after she was charged with assaulting her boyfriend in December, a charge she denied.
The broadcaster cancelled Sunday's show following her death. Media reports quoted her lawyer as saying she had taken her own life.
"Many people at ITV knew Caroline well and held her in great affection," an ITV spokesman said on Sunday. "All of us are absolutely devastated at this tragic news.
"After careful consultation between Caroline's representatives and the Love Island production team and given how close we still are to the news of Caroline's tragic death we have decided not to broadcast tonight's Love Island out of respect for Caroline's family."
He said the dating show would return on Monday with a tribute to its former presenter who would "be forever in our hearts".
Her management company said she had been "under huge pressure" since she was charged.
Flack's death triggered an outpouring of emotion and grief from friends, celebrities and fans.
Laura Whitmore, who is presenting the current series of Love Island, paid tribute to her friend on BBC radio on Sunday.
"Caroline loved to love. That's all she wanted," she said. "That's why a show like Love Island was important to her, because the show is about finding love, friendship, having a laugh."
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