No, there wont be an option to cancel it, as it's ripe for abuse.
Being able to buy your own player can be abused, but any savvy owner will simply not bid on a player that the selling team has bid on.
                                
                                
                                
                                
                                
                                
                                    NO ONE at this table ordered a rum & Coke 
 Charles: Penn has some good people 
 A CT? Really? 
 Any two will do 
 Any three for me 
 Any four will score 
 Any five are live