We regret we couldn't have an agreement with the Premier League.
PPTV reportedly failed to make a £160 million payment due in March for coverage of the 2019/20 season.
The streaming service - Suning Holdings Group Co's PPTV - and CCTV could not immediately be reached for comment.
In a statement on Thursday, the Premier League said: "The Premier League confirms that it has today terminated its agreements for Premier League coverage in China with its licensee in that territory".More news: Patrick Mahomes gets engaged to girlfriend Brittany Matthews
Leeds and West Brom - who have won automatic promotion to the Premier League for the 2020-21 campaign - have held discussions with the 26-year-old winger, and so have Fulham and Crystal Palace, according to the report.
Serie A giants Inter Milan are also under the control of the retail giant.
The Premier League announced last month that an additional 20 matches would be broadcast next season, taking the number of live games to 220 out of the 380 to be played, but stopped short of adopting the policy introduced by the Football League of streaming every game on club websites. At the time it was the richest overseas TV deal ever signed by the league.
It has also been suggested that the failure to make the payment may have been related the escalation of tensions between China and Boris Johnson's United Kingdom government, which resulted in the ban on telecoms company Huawei from being involved in the nationwide 5G project in Britain, as well as the prime minister's opposition to the new security laws imposed in Hong Kong.More news: Shooting For 17th Season Of Greys Anatomy To Begin In September
There were some media reports that the growing political tension between the two countries due to the ongoing Hong Kong protests, the offer of United Kingdom residency to up to three million residents and the blacklisting of Huawei had led to the axing of the deal.
That has soured relations between the two nations.
Elneny has performed well since returning to Arsenal from Besiktas, helping them lift the Community Shield after beating Premier League champions Liverpool in his second start.More news: Netflix shows and movies that you can watch for free