The American businessman had been willing offload his 45 per cent Palace stake at a discounted rate in order to get a quick sale, but talks have not progressed over the last few weeks.
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Textor needs to dump his Palace shares due to Premier League rules preventing dual ownership within the top flight, but has run out of time to advance his interest in Everton.
In a statement released a fortnight ago Textor confirmed he had held talks with Everton, but with owner Farhad Moshiri needing to sell urgently he has pulled out.
Moshiri is understood to be planning to confirm a new preferred bidder for Everton next week following last month’s collapse of the proposal from American investment firm 777Partners after they failed to met conditions set by the Premier League.
MSP Sports Capital, another American investment firm who have loaned Everton £158m, are in talks with Moshiri over a formal takeover along with rival groups led by local businessmen Andy Bell and George Downing, and an unknown third US bidder are also still in the running.
Textor has been attempting to sell his Palace shares since engaging American bank the Raine Group in February, while talks over a possible internal sale to chairman Steve Parish and fellow shareholders Josh Harris and Josh Blitzer have not advanced.
Relations between Textor and the rest of the Palace board have become strained as he is frustrated at his lack of influence despite being the biggest shareholder, although the club did take his advice in the appointment of Oliver Glasner, who has been a huge success since replacing Roy Hodgson at Selhurst Park in February.
Moshiri is also considering a £600m rescue package that could stop Everton going into administration.
But there are doubts that A-Cap have the funds to finance their offer.
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The giant American company are understood to have already loaned a total of almost £200bn to 777.
They have also been dragged into a New York court case involving allegations of fraud against 777 because of their financial involvement with the debunked Miami – based company.
Yet A-Cap revealed they are putting together a rescue plan to wipe out the Toffees debts.
The club owes £225m to Rights and Media Funding, £158m to MSP Sports Capital and £20m to Metro Bank.
There is also £200m outstanding to 777 who began lending the cash to Everton to keep the club running during the eight months before their bid to become new £500m owners collapsed on May 31.
Most of that money is understood to have been provided by A-Cap who claim they can end the Goodison debt crisis.
They say they would also throw in a further £200M to complete the £760M construction of Everton’s new Bramley-Moore Dock stadium.
A-Cap declare : “The proposal put forth is in the best interests of all stakeholders and the Everton fans.
“This plan provides the quickest and cleanest path to finishing the stadium and sustainably funding the club’s operations.
“The plan is designed to stabilise Everton and advance the overall success of the club in the coming years.”
SunSport revealed that unless majority owner Moshiri finds new investors or opens the doors to a fire sale of stars such as Jarrad Branthwaite, Dominic Calvert-Lewin and Amadou Onana his club could go into administration.
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