The decision follows a massive rejections against the league, which had the support of some of the world's biggest clubs.
Six English Premier League teams had signed up to the ESL - Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham.
They were also joined by AC Milan, Atletico Madrid, Barcelona, Inter Milan, Juventus and Real Madrid.
The ESL would have had 20 teams, of which 15 founding members would be permanent and never face relegation. Five other sides would qualify each year. All six English Premier League clubs dropped out of the project on Tuesday night.
One of the Men behind the Planned ESL, Juventus chairman Andrea Agnelli, has now admitted that the ESL is not likely to go ahead.
"I remain convinced of the beauty of that project," he said. "But evidently no, I don't think that project will go ahead as planned.
Why would the big teams in the ESL wont face qualification or relegation, critics said it would have devalued the game because it was unfair and uncompetitive.
For instance, Arsenal have not qualified for the Champions League since the 2016-17 season, but they would have been guaranteed a place - regardless of how they performed in the domestic league.
However, a future winner of the Premier League would not necessarily have qualified for the ESL if they were not a permanent member.
If this were the case, that team would miss out on millions of pounds in revenue.
The ESL attracted widespread criticism from pundits, players, legends and most football bodies noinvolve
But in the other hand, Real Madrid president Florentino Perez had said the ESL would save football at a time when young people are "no longer interested" because of "a lot of poor quality games".
The founding clubs were promised a wooping share of a £3bn grant, provided by investment bank JP Morgan. Big clubs also have superstar players with multi-million pound salaries
How would the Process be?
The 20-team league would have been split into two groups of 10, playing each other at home and away.
The top three in each group would have qualified for the quarter-finals, with the fourth and fifth-placed teams competing in a two-legged play-off for the two remaining spots.
It would then have the same two-leg knockout format used in the Champions League, with a final in May
What the Football Rulling Bodies said;
The president of Uefa (the Union of European Football Associations), Aleksander Ceferin, had warned that participating clubs could be banned from European competition, and their players prevented from appearing at the Euros and the World Cup.
Mr Ceferin welcomed the English clubs' reversal, saying, "the important thing now is that we move on, rebuild the unity that the game enjoyed before this, and move forward together.
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