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A blockbuster lightweight clash between Ferguson and Poirier was reported to co-headline next month's huge pay-per-event.
However, 'El Cucuy' will remain on the card as Dana White plans to book him against another fighter.
When asked if he was trying to salvage Ferguson vs. Poirier, the UFC president replied: "No, we're not even trying to salvage it."
He added: "We're getting another fight. It'll happen (with a different opponent for Ferguson)."
No.5 ranked UFC lightweight Dan Hooker and No.11 ranked UFC lightweight Beneil Dariush could be potential opponents for Ferguson.
They have both called for the fight against the No.3 ranked UFC lightweight on social media.
@danawhite and @seanshelby I'm ready to go. https://t.co/QlCkRWAjws
- Beneil Dariush (@beneildariush) September 12, 2020
The ex-UFC interim lightweight title holder hasn't fought since his crushing defeat to Justin Gaethje at UFC 249 in April.
Poirier, meanwhile, rebounded from his title defeat to Khabib Nurmagomedov by beating Hooker in a 'Fight of the Year' contender.
But he won't be returning to action next month.
"UFC and I didn't come to terms," he told ESPN. "I will not be fighting on Oct. 24.
"I just need to be compensated if they want this fight," he continued. "Simple as that.
"I'm a prize fighter and the prize needs to be right."
A lightweight unification showdown between champion Nurmagomedov and interim champion Gaethje will serve as the main-event of UFC 254.
The October 24 event will take place on 'Fight Island' in Abu Dhabi.
Featured Image Credit: ESPN/jamescdzn
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