Despite thousands of hours of manpower and offering a $50,000 reward for information leading to a conviction, police have been unable to make a breakthrough.
Furlong's mother Judith said she could not comment on the investigation winding down, saying she preferred to wait for an official police announcement.
She has previously criticised the 1993 police investigation, and for police failing to protect her daughter as a witness, or even inform her that Jane was testifying.
Police have repeatedly named Furlong's former boyfriend Danny Norsworthy as someone they believe holds crucial information in the search for her killers.
Norsworthy showed no emotion when told the investigation was being wound up.
"It's all been done," he said. "I don't want this all being wound up again. Talk to my lawyer, I don't want to talk to you guys."