On Monday afternoon, details had emerged of the three-way deal that also involved Gold Coast, with Houston at the centre and four other players also switching clubs.
But a couple of hours later, Port had decided against the deal.
It remains to be seen whether negotiations over the deal will resume on Tuesday morning, with the trade deadline on Wednesday at 7.30pm (AEDT).
The trade period started on Monday last week and still the only deal of note has been Friday's surprise trade of draft picks that sent Hawthorn's No.14 selection to Carlton.
Richmond trio Liam Baker (West Coast), Shai Bolton (Fremantle) and Daniel Rioli (Gold Coast) have requested trades, while Suns player Jack Lukosius wants to join Port and was another player in the now-paused Houston trade.
Bailey Smith hopes to join Geelong from the Western Bulldogs, but there has been no breakthrough on those talks, and his current teammate Jack Macrae wants a move to St Kilda.
Jake Stringer could leave Essendon for GWS, Sydney and North Melbourne are at an impasse over Swan veteran Luke Parker and West Coast defender Tom Barrass is no closer to joining Hawthorn.
Houston, a two-time All-Australian, wants to join a Melbourne club. Carlton and North Melbourne have been the other clubs vying for him.
The proposed deal involved Collingwood gaining Houston and draft pick No.58 from Port.
The Power would gain Lukosius and Suns teammate Rory Atkins, as well as Collingwood youngster Joe Richards, plus the Suns' draft picks at 13 and 29.
Collingwood would also send pick 36 to Port, while defender John Noble would go to the Suns.
Gold Coast were to receive next year's round-one draft picks from the two other clubs, plus this year's pick 39 from Port.
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