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The competition has been cancelled due to a low number of applicants.
A statement from the borough council said: "It is with regret that, due to a low number of applicants, the Markets and Fair cake competition set for this Saturday, December 4, at Loughborough Market has been cancelled. We apologise for any inconvenience caused."
Cake makers can submit their bakes to a stall in the Market Place (outside Loughborough Town Hall) on Saturday 4th December for a chance to win a £50 LoyalFree voucher.
Councillor Jenny Bokor, lead member for Loughborough, said: "We are delighted to be hosting another fun event at our fantastic Loughborough market in the lead up to Christmas.
"The 800th anniversary of the markets and fair has seen many great events take place this year, and I am confident that we’ll see a good number of participants and have plenty of fun on the day. We look forward to seeing you all."
Charnwood Borough Council is hosting the event as part of its continued celebrations of the 800th anniversary of the Royal Charter being granted for Loughborough Markets and Fair.
The winner will be announced on the day on social media and all participants will be given a tote bag and some markets and fair themed goodies.
This competition is for adults only.
Full details on the competition can be found at www.charnwood.gov.uk/cake.