B737-800 flight crew reported ATC canceled takeoff clearance when aircraft was on takeoff roll.

Narrative

I was the PF. At what I can best estimate to have been approximately 115 knots during the takeoff roll on Runway XXR at ZZZ; ATC cancelled our takeoff clearance with an Flight ABCD cancel takeoff clearance" instruction. The phrase was transmitted twice but on the initial transmission we didn't pick up the call sign. The controller immediately re-issued at which time we understood the instruction was for our flight and I called for and executed a rejected takeoff reaching a maximum speed of approximately 125 knots. We returned to gate for the required maintenance inspection. Logbook entries were recorded as per the Aircraft Operating Manual. No injuries to passengers or crew. No aircraft damage. Cause: ATC initially cleared us to cross Runway XXR and make a u-turn on the pad located between the departure end of the north runways (XXR/XXL) and hold short again of XXR. As we entered the Runway XXR to comply with these instructions; ATC stated we were now good to go and issued a takeoff clearance on Runway XXR which we read back. Apparently an aircraft previously cleared to cross XXR and later instructed to hold short was unable to stop in time and remain clear. This resulted in the cancellation of our takeoff clearance during the high speed regime of the takeoff roll. As we slowed to clear the runway after the rejected takeoff; I observed the aircraft in question only about 10-15 feet across the hold short line and clear of the runway edge lines. We exited the runway at the same intersection he was initially cleared to cross and in my estimation we would have safely stopped clear even if the aircraft had been on the runway ahead."