All six Premier League teams involved in the European Super League are set to formally withdraw from the proposed competition.
Manchester City became the first team to quit the controversial project on Tuesday evening and were later followed by Manchester United, Liverpool, Tottenham and Arsenal.
Chelsea have also begun proceedings to withdraw from the breakaway competition.
It capped a remarkable evening of developments in the saga which also saw United executive vice-chairman Ed Woodward resign.
Earlier, UEFA president Alexsander Ceferin welcomed the news that City had begun the process to withdraw.
"I am delighted to welcome City back to the European football family," the Slovenian said.
"They have shown great intelligence in listening to the many voices - most notably their fans - that have spelled out the vital benefits that the current system has for the whole of European football; from the world-beating Champions League final right down to a young player's first coaching session at a grassroots club.
"As I said at the UEFA Congress, it takes courage to admit a mistake but I have never doubted that they had the ability and common sense to make that decision.
"City are a real asset for the game and I am delighted to be working with them for a better future for the European game."
Liverpool Football Club can confirm that our involvement in proposed plans to form a European Super League has been discontinued.— Liverpool FC (@LFC) April 20, 2021
Liverpool released a short brief statement just before 11pm announcing the club's withdrawal.
The statement read: "Liverpool Football Club can confirm that our involvement in proposed plans to form a European Super League has been discontinued.
"In recent days, the club has received representations from various key stakeholders, both internally and externally, and we would like to thank them for their valuable contributions."
In a statement, Manchester United said: "Manchester United will not be participating in the European Super League.
"We have listened carefully to the reaction from our fans, the UK government and other key stakeholders.
"We remain committed to working with others across the football community to come up with sustainable solutions to the long-term challenges facing the game."
A letter from Arsenal FC read: "We know it will take time to restore your faith in what we are trying to achieve here at Arsenal but let us be clear that the decision to be part of the Super League was driven by our desire to protect Arsenal, the club you love, and to support the game you love through greater solidarity and financial stability.
"Stability is essential for the game to prosper and we will continue to strive to bring the security the game needs to move forward.
"The system needs to be fixed. We must work together to find solutions which protect the future of the game and harness the extraordinary power football has to get us on the edge of our seats."
Chelsea owner Roman Abramovich is understood to have driven the decision at Stamford Bridge, having listened to fan protests and opted to pull out of the new European league plans.
It's looking like the beginning of the end of plans for a European Super League, at least for the time being. pic.twitter.com/ptkVIjJt3n— RTÉ Sport (@RTEsport) April 20, 2021
Chelsea were the first of England's 'Big Six' clubs to choose to quit the competition, which was only announced on Sunday night.
There were also reports that Atletico Madrid and Barcelona were set to withdraw while there were conflicting claims in Italy over whether Juventus chairman Andrea Agnelli was still holding the role.
Abramovich's motivations are thought never to have been about money, and the Blues are now understood to be preparing documents to withdraw formally from the competition.
Stamford Bridge chiefs were only thought to have signed up as a founder member of the Super League in order not to be left behind by the rogue breakaway.
But after resounding condemnation from across the political and sporting spectrum, Chelsea appear to have decided to pull out of the competition - less than 48 hours after it was announced.
Chelsea fans launched a mass protest outside of Stamford Bridge, with banners criticising the club for their decision to join the controversial Super League.
Scores of fans chanted, let off blue smoke bombs and marched around the west London ground, with police attempting to control the crowds.
Former Blues goalkeeper Petr Cech, now a technical advisor at the club, spoke to some supporters and could be heard saying "give everybody time" in a video posted on social media.