The (Memphis) Commercial Appeal reported Julien's Auctions in Los Angeles agreed Friday to take the crypt off the auction block.
Forest Hill Funeral Home and Cemetery officials said it was their decision to stop the auction.
Julien's Auctions last month announced it planned to sell the empty tomb that once held the remains of the rock 'n' roll great at an upcoming "Sports Legends and Music Icons" auction.
The crypt has been empty since 1977, when the remains of Presley and his mother Gladys were moved to his Graceland estate, the newspaper said Saturday
The auction company said it expected the crypt to sell for $500,000.
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