FIFA president Sepp Blatter is to quit amid a corruption scandal engulfing the footballing body.
The 79-year-old said an extraordinary congress is to be called to elect his successor as soon as possible.
He was only re-elected to a fifth term in office on Friday - two days after the crisis was triggered by the arrest of several FIFA officials in Zurich.
The Swiss authorities have said Blatter is not part of their inquiries, but ABC News reports he is being investigated by the FBI and US prosecutors.
Jordan's Prince Ali Bin Al Hussein, who failed in his bid last week to oust Blatter, has announced he will stand in new elections for the presidency.
Blatter said: "I cherish FIFA more than anything and I want to do only what is best for FIFA and for football."I felt compelled to stand for re-election, as I believed that this was the best thing for the organisation."That election is over but FIFA's challenges are not. FIFA needs a profound overhaul."While I have a mandate from the membership of FIFA, I do not feel that I have a mandate from the entire world of football - the fans, the players, the clubs, the people who live, breathe and love football as much as we all do at FIFA."Therefore, I have decided to lay down my mandate at an extraordinary elective congress."I will continue to exercise my functions as FIFA President until that election."During that period Blatter said he would "focus on driving far-reaching, fundamental reforms"."I have fought for these changes before and, as everyone knows, my efforts have been blocked.
"It is my deep care for FIFA and its interests, which I hold very dear, that has led me to take this decision.
"I would like to thank those who have always supported me in a constructive and loyal manner as President of FIFA and who have done so much for the game that we all love."