An official announcement is expected Wednesday evening, July 8.
With the move, the league becomes the first Division I conference that will not play sports in the fall.
The move also places other well-attended sports, including men's and women's basketball, in limbo. Ivy League basketball teams traditionally start practice in October and the regular season in November.
The Ivy League was the first Division I conference to cancel winter sports postseason tournaments this past March. Every other college conference soon followed suit.
Founded as a sports conference in 1954, the Ivy League is made up of Brown, Columbia, Cornell, Harvard, Princeton and Yale universities, Dartmouth College and the University of Pennsylvania.
The annual season-ending Harvard-Yale football contest, known as "The Game," dates back to 1875.
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