Paint has been part of the Windows operating system since its release in 1985 and is known for its simplicity and basic artistic results.
Paint's successor, Paint 3D, will still be available.
The list was issued as part of the Windows 10 Fall Creators Update, which rolls out in the autumn.
Microsoft says that features on the list will be either removed from Windows 10 or "not in active development and might be removed in future releases".
Other features facing the axe include the Outlook Express email client, which is replaced with the built-in Mail app, and the Reader app, which will be integrated into Microsoft Edge.
The BBC has contacted Microsoft for comment.
People have expressed disappointment at the news on social media, with many tweeting "RIP" messages.
Welsh YouTuber Chaotic described Paint as "the greatest thing to have ever existed" - perhaps with tongue in cheek.
The artist known as Jim'll Paint It uses the program to create artwork on outlandish themes, commissioned by strangers. He has nearly 700,000 followers on Facebook.
"Paint hasn't been all that since they messed about with it anyway. I'm running XP on a virtual machine because it's the best one," he tweeted.
"They should just release the source and make it public domain," tweeted games developer Mike Dailly, creator of Lemmings and Grand Theft Auto.