The US Olympic Committee advanced Chicago, Los Angeles and San Francisco as potential candidates for the 2016 Olympics but said all three were currently short of the required standard.
Houston and Philadelphia were eliminated from the bidding process, USOC officials said at a news conference in Denver, Colorado.
"Right now, of the three cities that were selected today, there is none that have an acceptable programme that we could take to the International Olympic Committee," said USOC chairman Peter Ueberroth.
The three finalists were chosen following a three-month review period.
The 2016 host city will be chosen by the IOC in 2009. Madrid has already signalled its intention to bid again while there was also interest from Italy, India, Japan and Brazil.