ebay has removed item purchased and paypal have sent payment - how do I reverse transaction?

Ebay has removed item I had purchased and advised not to proceed if seller contacts & wishes to continu)e with transaction.

It looks like Paypal have paid seller and Paypal will make deduction from my account at a later date.

I wish to honour ebay instruction (as they are trying to make it a safe system for the buy/sell transactions).  How do I reverse Paypal transaction?  Seller advised they are posting item tomorrow 3.3.2014.

I've written to Paypal but their timeframe is 48hrs until they get back to me. By this time seller will post item :(.

What's best course of action in this scenario?

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