The event had been due to take place at 11.30am according to its Facebook page.
However, an organiser has now confirmed that the event will not be taking place.
Richard West, one of the organisers, said on Wednesday: “In the interests of safety due to the high tide and predicted winds, it is with sadness that this year’s dip is cancelled.”
The dip is one of the region’s biggest and sees people from across the country flock to the north Norfolk coast.
More than 200 people on the official Facebook page for the event had expressed an interest in attending.
Sea Palling and Mundesley Boxing Day dips have also been cancelled, citing the expected bad weather.
A flood alert had been issued for parts of Norfolk on Wednesday for the tidal rivers Ant, Bure and Thurne.
This alert has since been lifted.