The team was set to take home an estimated $9 million after being knocked out the tournament in a 2-1 loss to Germany.
Jordanian football writer Waleed Abu Nada reported the news overnight as the team returned to their national capital overnight, draping a Palestinian flag draped from team bus during a tour of Algiers.
The writer quoted Algerian striker Islam Slimani as announcing the gesture.
“They need it more than us,” he said.
The gesture comes as violence escalates in Gaza following the suspected revenge killing of a Palestinian teenager.
Clashes raged between stone-throwing Palestinians and Israeli riot police from dawn on Wednesday until the early hours of Thursday, also spreading to many other areas in east Jerusalem.
The violence injured 232 people, 178 of them in Shuafat alone, said Dr Amin Abu Ghazali, head of field operations for the Red Crescent in east Jerusalem.
Of that number, 187 were wounded by rubber bullets and six by live bullets, he said.
The killing was roundly denounced on all sides, both at home and abroad.
Israel's Prime Minister Benjamin Netanyahu denounced it as "despicable" and urged both sides "not to take the law into their own hands".
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