The Football Associations of the UK and Ireland will not bid for the 2030 World Cup.
The nations will instead focus on bidding to host the Euro 2028 tournament, bringing the Euros to the UK.
The agreement comes after a £2.8 million feasibility study was committed to the tournament bids.
The study analysed the economic impact, the political landscape of British football and the estimated costs of hosting major international tournaments.
Julian Knight, chair of the Digital, Culture, Media and Sport (DCMS) committee, said a World Cup bid was a “giant, expensive vanity project”.
He said: “It’s unacceptable that £2.8m in taxpayer money was wasted on a pipe dream that was clearly doomed from the start. Football in the UK needs to sort out its reputation at home before we can go after the biggest tournament.”
With the study released, the English, Welsh, Scottish, Irish and Northern Irish football associations will focus on an official Euro 2028 bid to host the games.
A statement read:
“Hosting a Uefa Euro offers a similar return on investment, with the European tournament carrying a far lower delivery cost and the potential of the benefits being realised sooner.
“It would be an honour and a privilege to collectively host Euro 2028 and to welcome all of Europe.
“It would also be a wonderful opportunity to demonstrate the true impact of hosting a world-class football tournament by driving positive change and leaving a lasting legacy across our communities.”
The UK government has propelled it’s support for the decision, adding that it is “passionate about bringing a World Cup to the UK and Ireland when the time is right”.
Stephen Williams, FA of Wales president said a successful bid would have an “immeasurable” impact that would leave a “long-lasting legacy”.
Previously, PM Boris Johnson said he would invest £550m into grassroots football if the 2030 World Cup bid for successul.
England had also failed a bid to host the 2018 World Cup – led by David Beckham, Prince William and David Cameron, Prime Minister at the time.