The former France international was part of a much-discussed bid backed by a well-known bookmaker - declaring "the FIFA system isn't working" and that "the games needs to change".
However, Ginola received just 11 per cent of the £2.3 million needed, with that figure including a £250,000 donation from the aforementioned bookmakers.
Having signalled his intent to pull out of the running before Thursday's deadline, a statement on the bid's official website stated: "A huge thank you for supporting Team Ginola.
"The crowdfunding page is now closed. All donations will be returned to those that have pledged.
"The fight is not over. Football still needs to change. I urge you to continue to vocalize your craving for change in football in whatever way you can.
"Let it be known that no matter how small you think your voice may be alone, if we speak together we will be heard. Whilst FIFA may not be an open democracy for the footballing public, our opinions will be heeded, only if we persist."
Ginola had not received the requisite backing of five football associations to stand in an election.
