The update, posted today by the club, also said Mr Lerner would now turn his full attention to football and the forthcoming season.
In May, Aston Villa announced that Mr Lerner had put the club up for sale after eight years in charge following his £62.6million takeover.
The statement issued today said: "Over the last eight weeks, we conducted a targeted process during which we explored the sale of the club.
"In advance of this process, however, I committed to our manager to become completely focused on the upcoming season should there be no agreement to sell by the time players and coaches return to training.
"Given that no agreement has, as of yet, been reached, I feel it is time now to turn my full attention back to Villa matters at hand.
"While the sale process has been productive and remains ongoing, my priority at this point in the summer, heading into the upcoming season, is that the Villa organisation's sole focus be football - undistracted by any sales process."
At the time of May's announcement, Mr Lerner said he was looking for "fresh, invigorated" leadership and felt he owed it to the club to move on.
Bank of America Merrill Lynch is advising on the sale.
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