The deteriorating condition of the existing Clyde Bridge on the C29 Pettinain Road led to its closure in September 2019, with diversions put in place.
Tenderers for the replacement will shortly be asked to revise the prices they bid. The council may then consider retendering the project if the price remains too high.
Councillor Eric Holford has published the contents of written response he received from South Lanarkshire Council following his enquiries about the project.
The letter from a member of the council’s staff said that construction costs have increased markedly over the past 18 months due to the economic effects of the Covid-19 pandemic, Brexit and unprecedented high demand.
"In particular the cost of construction materials such as timber, steel and concrete has increased by approximately 60 to 100% over the past two years," said the letter.
"Regretfully as it stands the available funding is significantly and substantially lower than the tender prices submitted and at the stage the project is not affordable or viable.
“Following significant deliberation, regretfully it will therefore not be possible to award the contract as there is insufficient funding available.
“However, it is the intention to complete the land acquisition and over the next month or so take the opportunity to ask the tenderers to reprice their submissions.
"If this does not generate a more favourable tender price, we will consider retendering the project when market conditions are more favourable, possibly later in 2022.”