BWFC made the decision following "feedback" from fans and discussions with "local and national politicians", and will instead make Bolton-based sustainable energy company FibrLec its new shirt sponsor from next season.
Club chairman Phil Gartside says:
"We have worked for years to build trust and participation with the community through our Community Trust, education programmes, and other initiatives that are currently underway in partnership with local and national government.
"We don't want our commercial relationships to come between us and our community, and neither does QuickQuid."
Bolton Council leader Cliff Morris says:
"I am pleased with Bolton Wanderers Football Club's decision to reconsider their recent sponsorship proposal."
"We have been in discussion with the club since last week's announcement to raise our concerns and those of the community. Their response clearly shows the value the club places on the support of their fans and the wider Bolton family."