A vote by clubs to show their intentions meant that it was decided to abandon the rest of the season. The standings will be settled by a points-per-game calculation.
The play-offs will still go ahead to finalise the promotions into League One. Swindon Town would be crowned champions, with Crewe and Plymouth Argyle also automatically promoted.
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The decision will have to be approved by the Football Association and the EFL.
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League One clubs are yet to make a final decision and will discuss the matter again on Monday.
Six League One sides - Oxford United, Peterborough United, Sunderland, Fleetwood, Portsmouth and Ipswich Town said in a statement that they had no wish for, "voiding the season, points-per-game scenarios or letting a computer decide our footballing fate".
Hundreds of players in the bottom two leagues are out of contract at the end of June, and holding games without spectators would lose clubs money - they have also furloughed many of their playing staff.
"There were varied views shared in League One and it was determined that there would be a further period of reflection and consultation to understand what creative solutions could be implemented," the EFL said.
"It was acknowledged that the need to find innovative and creative solutions was of paramount importance as was the need for decisions to be taken quickly."
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