Drake, who began working at British Cycling in 1995 and became chief executive in 2009, is due to vacate his position in April of next year.

"I believe that the end of this Olympic cycle is the natural moment for a new chief executive to take the organisation forward into Tokyo 2020," he said.

"I have been involved with British Cycling in some form for almost 20 years, the last eight as chief executive, and it is an organisation that I will always love.

"I have been privileged to be a part of the amazing success we have experienced over those two decades and I know that it will go on to even greater heights in the years to come. 

"All organisations, particularly those operating at the highest level of sport, periodically require new leadership to take them to greater heights and tackle their new challenges - now is the right moment for both myself and British Cycling to move on."

Earlier this month, UKAD confirmed they were "investigating an allegation of wrongdoing in cycling", thought to focus on allegations surrounding the delivery of a medical package to a rider in 2011. 

According to the Daily Mail, the probe related to the contents of a package British Cycling coach Simon Cope delivered to then Team Sky doctor Richard Freeman, on June 12, 2011.

The date coincided with five-time Olympic champion Sir Bradley Wiggins winning the seven-stage Dauphine Libere road race, a traditional build-up race to the Tour de France.

Wiggins and Team Sky have denied any wrongdoing, with claims their use of substances had been undertaken only to treat legitimate medical conditions.

Team Sky are said to have asked British Cycling to contact UKAD, with the national governing body stating they were co-operating with the investigation.

It has been claimed that the medical package has been confirmed by British Cycling to have been for a Team Sky rider, but reports suggest it did not contain the substance triamcinolone.

Triamcinolone has been at the centre of controversy with Wiggins in recent weeks, after the Russian-linked Fancy Bears' hacking group leaked his confidential World Anti-Doping Agency (WADA) data, along with several other athletes.

Leaks allege that Wiggins received permission to use salbutamol to treat asthma in 2008 before receiving three successive exemptions for corticosteroid triamcinolone acetonide in 2011, 2012 and 2013 due to a pollen allergy.

Wiggins' cases have caused particular concern because his three approvals for triamcinolone acetonide coincided with the Tour de France in 2011 and 2012 and the Giro d'Italia in 2013 - his biggest races of all three seasons.

Former Team Sky rider Jonathan Tiernan-Locke, who was sacked in 2014 after being handed a two-year ban for irregularities in his blood passport, claimed earlier this month that he and his British team-mates were offered the painkiller tramadol ahead of the 2012 Road World Championships.

The painkiller, which is not banned but remains on the WADA monitoring list, has been linked with causing crashes in races.

British Cycling have rejected Tiernan-Locke’s claim.

In a wide-ranging interview with BBC Sport, the former head of British Cycling Peter Keen expressed his fears that the Team Sky controversy could cause "collateral damage" to the sport.

He claimed it would be an "absolute tragedy" if innocent riders had their reputations tainted, adding there were "lessons to be learned" for British Cycling and Team Sky.

Keen described Drake as "an outstanding individual who I've known for 20 years" and "one of the greatest minds in sports development".

However, he added that mistakes were "undoubtedly" made through his leadership.

"They're uncomfortable and I know it hurts Ian when they're raised," said Keen.

"But they reflect a whole series of things done with good intention that weren't thought through and managed as well as they could."

During Drake's time in charge, track cycling has overtaken rowing as Great Britain's most successful Olympic sport.

The country won 20 of the 30 gold medals available in the sport over the past three Games.

The British Cycling Board, led by President Bob Howden, will now begin the search for a new chief executive. 

"I want to put on record my personal thanks to Ian for all he has done for British Cycling during a period of unprecedented success and growth at all levels - from the remarkable achievements at recent Olympic and Paralympic Games, to the extraordinary growth in participation, Ian has been a pivotal figure in it all," said Howden. 

"It is also testament to his commitment to the organisation that he has chosen to announce this now so that we have time to conduct a comprehensive search for his successor."