The Holy Prophet (pbuh) said, “The tribe of Israel was guided by prophets. When a prophet passed away, another prophet succeeded him. But no prophet will come after me; only caliphs will succeed me.”
(Ref: Sahih Bukhari, Kitabe‘ Manaqeb)
The Holy Prophet (pbuh) said, “My position in relation to the prophets who came before me can be explained by the following example: A man erected a building and adorned this edifice with great beauty, but he left an empty niche, in the corner where just one brick was missing. People looked around the building and marveled at its beauty, but wondered why a brick was missing from that niche? I am like unto that one missing brick and I am the last in the line of the Prophets.”
(Ref: Bukhari – Kitabe’ Manaqeb, Muslim,Tirmidhi, Musnad Ahmad, Tirmizi, Babu Khatimin-Nabiyyin, Musnad Abu Dawud Tayalisi)
In one narration, there is an addition of the sentence – “The chain of prophethood has been terminated upon me.”
This means that by the advent of Holy Prophet (pbuh), the edifice of guidance has been completed and perfected and there is no place / need for another prophet.