Once a Transfer request of a Project has been sent, it cannot be cancelled if the sharee has already accepted the transfer of ownership. Follow the below steps to cancel a transfer of ownership.
Click Pending Transfer
The 'Transfer Owner' button changes to a red 'Pending Transfer' button once the transfer has been confirmed and untill it has been accepted. Click on the button.
Click on the 'Cancel Transfer' button in the confirmation window.
A success notification appears at the top right which indicates the cancel of transfer.
Click My Accounts
Go to My Accounts from the Dashboard.
Cancel Under Transfer History
Click on the 'Transfer History' tab on the left. In the list of that appears on the right, select the file that has 'Pending' status and click on the 'X' mark to cancel the invitation.