Pentagon spokesman George Little said the decision was made "given the current situation in Egypt".
The US is examining whether Mr Morsi's removal was a coup, which would trigger a legal requirement to cut off aid. Earlier, Egypt's army chief called for protests to give the military a mandate to confront "potential terrorism".
But Abdel Fattah al-Sisi said he was not calling for public unrest and he urged national reconciliation. In response, the Muslim Brotherhood, which backs Mr Morsi, said Gen Sisi was "calling for civil war".
The four F-16 jets are part of an already agreed bigger order of 20 planes, eight of which have already been sent to Egypt. As recently as 11 July US officials suggested the latest four F-16s would still be sent to Egypt.
However, on Wednesday the Pentagon confirmed that the delivery was on hold.
"Given the current situation in Egypt we do not believe it is appropriate to move forward at this time with the delivery of F-16s," Mr Little told reporters.
"We remain committed to the US-Egypt defence relationship as it remains a foundation of our broader strategic partnership with Egypt and serves as a pillar of regional stability," he said.
US Defence Secretary Chuck Hagel informed General Sisi of the decision in a phone call earlier on Wednesday, the Pentagon spokesman added.