A bid for the 2030 World Cup, which involved the Republic of Ireland, has reportedly been scrapped.
The FAI had been working with their English, Scottish, Welsh and Northern Irish counterparts in a bid to bring the centenary edition of the tournament to these islands.
However, The Times say fears over its attractiveness in the eyes of FIFA have led the bid to be ditched.
Instead, the focus will be on co-hosting an expanded European Championships in 2028.
"The whole idea of Ireland as a location for major events is something successive governments have been pushing for," Taoiseach Micheal Martin said last year.
He added, "I think sports fans will be particularly happy with that, and it would be something to look forward to."
Minister of State for Sport Jack Chambers was equally keen, saying, "The two islands can collectively can present our credentials to the globe.
"I know the Irish Government will engage in a very positive way with the other nations in putting the best bid forward and we look forward to continuing the feasibility work through 2021 which will hopefully enable us to put forward a bid in 2022 with the other nations."
Former FAI interim lead Noel Mooney - now head of the Welsh FA - said the "time is right" for the islands to host a World Cup.
However, FIFA president Gianni Infantino has floated the idea of staging the 2030 World Cup in the Middle East.
A final decision on the Irish and British bid must be made by March.
However, the five FA's are now likely to turn their attentions to a joint bid for the 2028 European Championships.
That year is likely to see the tournament expanded from 24 to 32 teams, with the increased demand for venues suiting a UK and Ireland bid.