Paula Deen -- Food Network Gives Her the Ax

5:10 PM PT -- Paula has just released a statement, thanking the Food Network for 11 "great years." She said, "Because of the gift the Food Network gave me, I've had the pleasure of being allowed into so many homes across the country."

Paula Deen's goose has been cooked at the Food Network. Officials tell TMZ they are not renewing her contract, which expires at the end of this month.

Paula apparently was done in for her comments during a deposition in a civil lawsuit, in which she freely admitted to using the N-word in the past.

Deen issued an apology this morning that bordered on ridiculous -- it was heavily edited and frankly insincere.

She issued a second apology shortly before the Food Network said it would not renew her contract.