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You do not need to actively revoke the exclusion. The IRS will consider it revoked once you do not use it.
You are correct that you cannot switch back and forth between the FTC and FEIE from one year to the next. Once you revoke the FEIE, you have to receive IRS approval to claim it again, or wait until the 6th year after the year you stopped claiming the FEIE. If 2021 is your first year without the FEIE, the first year you can claim it again without special permission is 2027.
See: https://www.law.cornell.edu/cfr/text/26/1.911-7
and: https://hodgen.com/flip-flopping-the-foreign-earned-income-exclusion/
‎July 8, 2021
2:01 PM