The continued success of the Prestbury Park showpiece meant speculation had been rife the meeting would become a five-day event from 2024 onwards.
However, following extensive consultation and analysis into the best way forward, it has been decided to keep the current format in place.
"At the Jockey Club we care deeply about the long-term future of our sport and its role in society. That's a mission that enables us to think differently when making decisions," said Ian Renton, who runs Cheltenham as managing director of the Jockey Club's west region.
"While we explored the financial benefits and an opportunity to reach new audiences, we also found a number of counterpoints to this. For example, it is clear that it would be challenging from a turf management perspective, without further work on the track, and on balance we still feel 28 races over four days is the right format.
"This research allows us to do much more than simply answer the question of whether extending the Festival is the right thing to do. We will now evaluate all the insight with a view to improving our facilities, investing in new on-course activations and giving our fanbase, participants, owners and other stakeholders the best possible experience at Cheltenham Racecourse.
"We are extremely grateful to everyone who has taken part in this process and have welcomed the opportunity to listen to racehorse owners, participants, Jockey Club colleagues, the local community, our partners, loyal racing fans and many others with a passion for our sport and the Festival."