Infantino said it had become clear the project had 'created divisions' that are 'no longer in the interest' of its original objective.
In a post on @fifamedia on X, the FIFA helmsman said: 'The FIFA Forward Enterprise (FFE) project was intended to provide a basis for further strengthening our FIFA Member Associations and our sport worldwide, especially in those countries where support is most needed.
'And more so, as we said from the outset, to do this only if a majority of the FIFA Member Associations were in support and always subject to a consultation process with them, the FIFA Council, the Confederations and wider stakeholders.
'Having listened carefully to all the views, it has become clear that the project has created divisions of a nature that, regardless of the level of support, are no longer in the interest of the objective set out in the first place.
'Our purpose has always been - and will always be - to unite and improve. As a result, this proposal will not proceed.
'Moving forward, my intent is to bring all interested parties back together in the coming days and weeks in the spirit of shared interest in our game, and with the objective to continue growing football everywhere, particularly in those countries that mostly need our support'.
Infantino had offered all 211 member associations $40 million (£30 million) if they backed a proposal for private investment in its tournaments, including the men's and women's World Cups.
The 55 member associations of the Union of European Football Associations (UEFA) voted on Thursday to boycott the FIFA World Cups if the plans went ahead.
FIFA's Chief Operating Officer, Kevin Lamour, said that the governing body's own administration had been 'deceived' about the project, while Infantino's Senior Adviser on Global Strategy and Governance, Carlos Cordeiro resigned over the matter, saying the proposal was 'a bad deal for football', and would 'mortgage football's future'.
That came after two other major confederations spoke out against the plans.
The Confederation of North, Central American and Caribbean Association Football (CONCACAF), which hosted this summer's FIFA World Cup, said its members 'rejected' the proposal, with sources saying the vast majority of associations from the region are losing, or have lost, faith in Infantino.
That became unlikely when the Asian Football Confederation (AFC) joined UEFA and CONCACAF in opposing the plans.
UEFA has 55 votes, CONCACAF has 35 and AFC has 46. If all member associations backed the stance of their governing body, that would have meant 136 nations voting against Infantino's plan.
The Confederation of African Football and the Oceania Football Confederation had said they would discuss FIFA's plan in August.
The South American Football Confederation (CONMEBOL) said it had asked FIFA for 'additional information and clarifications' regarding the 'scope, structure, governance and possible effects' of the proposals.
FIFA and Infantino wanted to create a commercial subsidiary to run its main events, including its World Cups, with external investors able to buy stakes in it.
It said it would 'invite third parties to make minority, non-controlling investments' in a new subsidiary - FFE.
Infantino set a deadline of 19 September for football federations to accept his plans if they wanted to access an initial $20 million (£15 million).
A 25-page document created by investment bank JP Morgan laid out how FIFA's tournaments would expand to hit an estimated increased payout of €24 million (£20.5 million) per member association in the 2035-2039 cycle.
It mentioned "new business initiatives" and "attracting top talent with incentive-driven compensation".
The World Cup is described in it as the "most widely viewed" sporting event but Fifa, by contrast, is said to be "under-monetised".
There was no mention in the document of the women's game.
FIFA said Thrive Eternal was expected to lead the proposed investor group for FFE.
Thrive is an American venture capital firm founded by Joshua Kushner - the brother of United States President Donald Trump's son-in-law Jared.
Addressing the proposals for the first time on Friday, Trump said he had not spoken to Infantino about the plans.
The two have developed a close relationship since Trump assumed office for a second time in 2025.
Infantino became FIFA President in 2016 when he beat AFC President, Sheikh Salman al-Khalifa by 115 votes to 88.
The next president of the world's football governing body will be confirmed at its 77th Congress in Morocco next March. Candidates have until 18 November to put their names forward.
Prior to this week, it had been anticipated Infantino would be re-elected unopposed. Associations around the world, including some in Europe, had already confirmed their intention to vote for him.
It remains to be seen if the events of this week will result in a mass withdrawal of their support.
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