All six Premier League teams involved in the European Super League have now withdrawn from the competition.
Manchester City were the first club to pull out after Chelsea had signalled their intent to do so by preparing documentation to withdraw.
The other four sides - Arsenal, Liverpool, Manchester United and Tottenham - have all now followed suit.
The Super League said it would reconsider "the most appropriate steps" to reshape the project.
The 12-team Super League was announced on Sunday to widespread condemnation.
Manchester City confirmed they have "formally enacted the procedures to withdraw" from the Super League.
Liverpool said their involvement in the proposed breakaway league "has been discontinued".
Manchester United said they had "listened carefully to the reaction from our fans, the UK government and other key stakeholders" in making their decision to not take part.
Arsenal apologised in an open letter to their fans and said they had "made a mistake", adding they were withdrawing after listening to them and the "wider football community".
Tottenham chairman Daniel Levy said the club regretted the "anxiety and upset" caused by the proposal.
Chelsea confirmed they have "begun the formal procedures for withdrawal from the group" that they only joined "late last week".
Uefa president Aleksander Ceferin welcomed the reversal, adding: "They are back in the fold now and I know they have a lot to offer not just to our competitions but to the whole of the European game.
"The important thing now is that we move on, rebuild the unity that the game enjoyed before this and move forward together."
UK Prime Minister Boris Johnson posted on Twitter:
"I welcome last night's announcement. This is the right result for football fans, clubs, and communities across the country. We must continue to protect our cherished national game."
In a statement, the European Super League said: "Given the current circumstances we shall reconsider the most appropriate steps to reshape the project, always having in mind our goals of offering fans the best experience possible while enhancing solidarity payments for the entire football community."
English football's 'big six' were part of a group, also containing Spain's Atletico Madrid, Barcelona and Real Madrid and Italy's AC Milan, Inter Milan and Juventus, that announced plans to form the breakaway league, which they hoped to establish as a new midweek competition.
It was condemned by fans, football authorities and government ministers in the UK and across Europe by Uefa and league associations.