Premier League clubs have reportedly rejected the Project Big Picture proposals during an emergency meeting on Wednesday.
The top flight met to discuss the radical plans for a shake up of English football for the first time via video conference on Wednesday.
But the 20 clubs agreed to a 'strategy review' and to make a 'new bailout offer to the EFL'.
Liverpool and Manchester United, as well as EFL chairman Rick Parry, are behind a radical restructure to English football that would bring increased funding for the EFL, reduce the top flight from 20 to 18 and scrap the Carabao Cup among other things.