United were issued with the order last week for unpaid fees in the region of £150,000 which dates back to Ken Bates' time in charge of the club.
The petition was served in relation to unpaid court fees owed to Levi.
A statement from the club read: "The winding-up petition presented by Melvyn Levi has been dismissed on agreed terms.
"Mr Levi and Leeds United Football Club Limited are working towards resolving their remaining differences."
Bates, 82, sold Leeds to Bahrain-based investment firm Gulf Finance House Capital in December 2012 and the club changed ownership again in April this year when Italian businessman Massimo Cellino completed his takeover.