Sepp Blatter has resigned as Fifa President.
His resignation comes following last week’s revelations of corruption in the organisation.
In declaring his exit, Blatter said an extraordinary Fifa congress had to be held ‘as soon as possible’.
He said: “What matters most to me is the institute of Fifa and football around the world.”
Last week, charges of racketeering and money laundering were made against multiple people involved with the world football organisation.
A separate criminal investigation is also under way into the allocation of the 2018 and 2022 World Cups.
Blatter told the news conference: “I will organise an extraordinary congress for a replacement for me as president. I will not stand. I am now free from the constraints of an election. I will be in a position to focus on profound reforms. For many years we have called for reforms. But these are not sufficient.
“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.”
Blatter’s announcement comes after FIFA has admitted it paid 10million US dollars destined for the South Africa World Cup to an account controlled by the disgraced former vice-president Jack Warner.
The payment followed a letter from the South African FA to FIFA secretary general Jerome Valcke.
The next ordinary FIFA congress was due to take place in May 2016 in Mexico City, but Blatter said he would go before then.
It is only four days since Blatter, 79, won a fifth term as FIFA president when Prince Ali Bin Al Hussein pulled out of the running in the second round of voting in Zurich.
However, after the development at a press conference on Tuesday, Dyke said: “When I left on Friday I said ’this is not over’ – but even I couldn’t have thought it’d be over so soon.
“Why didn’t he step down last week? Clearly there’s a smoking gun of some sort. He’s not been honourable in years. Now he’s gone – let’s celebrate.
“FIFA needs a root and branch examination, we need to know where the money is being spent. It’s been a corrupt organisation for something like 30 years and at long last we’ve got a chance to change it.
“What matters is can we reform FIFA?”
On the organisation’s next leader, Dyke continued: “They must have an impeccable character and be able to run an organisation where corruption has been rife for years…a lot of people could do the job.”