Fox has been outbid for the rights to broadcast the Premier League in the US from next season onwards as the value of the package soared three-fold.
The broadcaster has paid around $23m (£14m) per season for the last three years but is being usurped by NBC in a deal worth almost triple that amount - some $83m (£52m) per season - according to Sport Business Daily.
As part of its deal, Fox sublicensed 80 games per season to ESPN and broadcast the remainder on its Fox Soccer channels and online streaming service Fox Soccer 2 Go.
In a statement, Fox said that it was "disappointed" that the Premier League had rejected its "aggressive bid".
"Fox Soccer has been the primary US voice of EPL for almost two decades, and has done much over the years to increase its popularity, value and availability," said the statement. "We wish them well."
NBC is expected to be announced as the new US broadcast partner for the Premier League on Monday. Other bidders in the process included the beIN sport network, which had previously taken the rights to La Liga and Serie A from Fox Soccer.