Lewisham Council's cabinet had voted to buy the land by compulsory purchase order and was set to confirm its decision on Wednesday.
The authority has said the meeting will be rescheduled but has not yet issued a further statement.
Millwall said the move would put its future in jeopardy and could see the League One club forced to move to Kent.
The Lions have played in Lewisham since 1910 and at current ground, The Den, since 1993.
The New Bermondsey development is expected to create 2,400 homes, community facilities and a new overground station around the stadium.
Millwall chairman John Berylson previously said the club wanted to develop its own land and build facilities, apartments, a hotel and retail outlets to produce long-term income for the club.
At the club's annual general meeting last month, he said the plans could see the club lose its land and its landlord, and added: "If we don't get the necessary licences, we can't operate, it's as simple as that."
More than 27,000 people have signed an online petition against the proposals.
Developers Renewal previously said the plans would create 2,000 jobs.
Director Jordana Malik said the firm's vision was to incorporate a successful, self-sustaining football club at the heart of the development.
A key meeting over plans to sell land around Millwall Football Club's stadium to developers has been postponed.