While May might be just the perfect month to catch a lot of upcoming great movies, May is also the month of a lot of TV show renewals and cancellations. It is during this time of the month that producers have to step up their game not only for their corresponding season finales but also to decide whether they will be pitched for a next season.

Hence major TV networks are sweating over some series - deciding whether to give the axe to or let the show continue this month of May.

Below is a Top 5 list of TV shows and their likelihood of renewal or cancellation:

# 5 The Mentalist

Has Jane's story come to a halt? Along with Bruno Heller's spearheading of Fox's Gotham and the show's resolution of the mystery of Red John's identity earlier this season, seems like "The Mentalist" might potentially received the axe. Rumors has it that the TV show is being shopped to other TV networks.

# 4 Law & Order: SVU

While this TV show is the most expensive one to produce, fans of the show can breathe a little as the edge of the series is that it is the only "Law & Order" series producing new episodes. NBC, however, is yet to renew the longtime-running drama. Creator Dick Wolf and NBC must definitely start ironing out things if the TV show is to be picked up after.# 3 Biggest Loser.

Due to a confluence of controversies such as Rachel Frederickson's alarming weight loss, "The Biggest Loser" is still in a grey area as to whether there will be a renewed season. However, sources that have been cropping up have claimed that there is a large likelihood that the show be renewed, along with just minor tweaks in the upcoming season.

#2 Beauty and the Beast

Although season 1 has raked in huge ratings, season two has not had the same luck as the previous one. With only a paltry sum of two million viewers for its sophomore season, its season finale could not even be the saving grace as only 800,000 viewers tuned in for the finale.

#1 Agents of S.H.I.E.L.D

After a strong opening in season one which garnered the show a total of 12.2 million viewers, the number of viewers of the show has since experienced a steady decline. However, due to a tie up with Captain America 2, the newly bolstered storyline will most likely attract more viewers - thereby giving it an increased likelihood of being renewed.