Gypsy was initially poised as another prestige drama for Netflix -- with a star-filled cast including Naomi Watts and Billy Crudup, and some intriguingly dark material. Unfortunately, it didn't quite live up to its potential, according to early reviews. Now, it looks like Netflix is ready to pull the plug. The company has canceled Gypsy, even though it was discussing a second season with producers, according to Deadline. Sources at Netflix also confirmed to us separately that it won't be returning.