Sepp Blatter says he will resign as president of football's governing body Fifa amid a corruption scandal.
In announcing his exit, the 79-year-old Swiss has called an extraordinary Fifa congress "as soon as possible" to elect a new president.
Blatter was re-elected last week, despite seven top Fifa officials being arrested two days before the vote as part of a US prosecution.
But he said: "My mandate does not appear to be supported by everybody."
Blatter, who has been Fifa president since 1998, added: "The next ordinary Fifa congress will take place on 13 May, 2016 in Mexico City.
Sepp Blatter's controversial career
"This would create unnecessary delay and I will urge the executive committee to organise an extraordinary congress for the election of my successor at the earliest opportunity.
"This will need to be done in line with Fifa's statutes and we must allow enough time for the best candidates to present themselves and to campaign."
The extraordinary congress is expected to take place between December 2015 and March 2016.
Fifa was rocked last week by the arrests on charges of racketeering, wire fraud and money laundering as part of a US prosecution that also indicted 14 people.
The latest allegations of corruption to emerge on Tuesday involved reports claiming Fifa general secretary Jerome Valcke was responsible for an alleged $10m (£6m) payment of bribes over South Africa's bid to host the 2010 World Cup.
A separate criminal investigation by Swiss authorities into how the 2018 and 2022 World Cups were allocated is also under way.
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"I am very much linked to Fifa and its interests. Those interests are dear to me and this is why I am taking this decision," said Blatter.
"What counts most to me is the institute of Fifa and football around the world.
"I have thoroughly considered and thought about my presidency and the last 40 years in my life.
"These years were closely related to Fifa and the wonderful sport of football. I appreciate and love Fifa more than anything else.
"I only want to do the best for Fifa and my institution. I decided to stand again as the best option for football. The elections are closed but the challenges we face haven't come to an end."
Sepp Blatter thanked Fifa delegates for his re-election
Michel Platini, the president of European football's governing body Uefa, urged Blatter not to stand for re-election and to quit following the arrests in Switzerland.
"It was a difficult decision, a brave decision, and the right decision," said Platini after Blatter stated his intention to step down.
The English Football Association has been vociferous in its criticism of Blatter.
"This is great news for football. It should have happened years ago," FA chairman Greg Dyke told the BBC.
Cloud of corruption now over - Dyke
"The timetable doesn't matter. There has to be a root and branch investigation of Fifa. It has all got to be transparent in the future."
England lost out to Russia in the bidding for the 2018 World Cup.
And Simon Johnson, who led England's 2018 bid, told BBC 5 live: "I want the full facts around the bidding to be known and published. I want there to be openness and transparency.
"If everybody won it because of a fair fight and everything was fair and objective and transparent then good, well done.
"If it wasn't, if it was found there was improper behaviour in any way by any of the winning bidders then Fifa must have a look at whether they should re-open the process.
"I think 2018 will go ahead. The preliminary draw for the Russia World Cup is a few weeks away and it's too late to change that, but 2022 is another matter."
More to follow.
Live reaction to Blatter's announcement in Sportsday Live.
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