Newcastle United owner Mike Ashley's sportswear group has sold its near-5% stake in Debenhams days after making the share swoop.
Sports Direct International has instead struck a complex financial arrangement giving it the option to take a 6.6% stake in Debenhams amid speculation he is lining up celebrity-sponsored sportswear ranges for the chain.
Sports Direct raised eyebrows on Monday when it emerged the group had bought a 4.6% stake in Debenhams, worth around £46 million, in the wake of the department store's recent profits warning after disappointing Christmas trading.
It said it would allow the companies to consider ways to work together.
The group stressed on making its latest move that it still wants to "explore options" over how the two can work together and is "looking forward to meeting with Debenhams' senior management team in the near future".
It added: "Sports Direct reiterates its intention to be a supportive stakeholder and create value in the interests of both Sports Direct's and Debenhams' shareholders."
Mr Ashley, who founded Sports Direct and still owns 62% of the group, wants to introduce ranges endorsed by the likes of Sports Direct brand ambassadors double Olympic gold medal rower James
Cracknell and tennis players John McEnroe and Pat Cash, according to the Financial Times.
Independent retail analyst Nick Bubb said the decision to take out a so-called "put option" on Debenhams shares might be seen as a way to boost chances of a deal.
"Presumably he thinks this will give him more leverage in his negotiations with the beleaguered business," he said.
Debenhams said on Monday it was "open-minded" about working with Sports Direct.
Details and the timescale of the put option have not been revealed, but it effectively allows Sports Direct the right to buy the shares at a future date should the price move in its favour.
The group said the maximum cost of such a deal would be around £64 million.
Mr Ashley has a history of buying stakes in rival retailers, having snapped up holdings in JD Sports Fashion, now defunct JJB Sports and German sports brand Adidas.