The 71-year-old will officially vacate a post he has held since 1989 at an Extraordinary General Assembly scheduled for Thursday (February 9) at the Conrad Hotel in Dublin.

He claims that it was always his intention to step-down this year even before his arrest as part of a Brazilian police investigation into alleged ticketing charges, which he denies, at last year's Rio 2016 Olympic Games.

Hickey, who will not attend the EGM, was only permitted to return home to Ireland in December and is now focusing on clearing his name as well as recovering from a recent medical procedure on his heart.

He claims that his vast experience gleaned as President of the European Olympic Committees (EOC) and on the Executive Board of the International Olympic Committee (IOC) has benefited Irish sport.

His pioneering of the first European Games held in Baku in 2015 was cited as a particular highlight.

"While leading on the European level, I was nonetheless thrilled to see medals in boxing and badminton for Ireland as well as a 3x3 basketball team qualifying for their first major Games," Hickey said in a statement sent to insidethegames.

"I was equally proud to contribute to the development of the European Youth Olympic Festival where the next generation of Irish athletes were given the opportunity to gain vital experience at a continental multi-sport games.

"It was always a dream of mine that Ireland might host this event one day and with the ongoing fantastic development of Abbotstown I sincerely hope a future OCI with vision will follow this dream.

"Many achievements too, were accomplished off from the field of play including the arrival of the Olympic Torch Relay across the border to Dublin prior to London 2012 Olympic Games and the purchase of a modern building as a proud HQ in Howth for the Olympic movement in Ireland.

"These highlights were accomplished in addition to leaving a positive bank balance of €2.3 million (£19.8 million/$24.6 million) last July and an enviable list of corporate sponsors which I had envisaged would be used on the ongoing development of young athletes and Olympic sport in Ireland."

It comes as the OCI faces a growing backlash of criticism over the way it has been run over recent years. 

Two of the three candidates vying to replace Hickey - Basketball Ireland chief executive Bernard O'Byrne and Swim Ireland counterpart Sarah Keane - are seeking to modernise and change the running of the body.

The other, Hickey's former vice-president William O'Brien, has also admitted that they "took their eye of the ball" at times before defending the general conduct.

Hickey also expressed his regret at being unable to attend the meeting.

"Naturally, I share the achievements with all my fellow voluntary members of the Executive Committee and you the National Federations who have steadfastly supported me over many years," he added.

"As you will remember, at the beginning of 2016 I announced that Rio would be my last Games as President and that I would stand down immediately after the Games.

"Accordingly, the time has now come to pass the Irish Olympic Torch to a new generation and I wish nothing but the best of luck and success to the new President, officers and Executive Committee of the OCI."

"From a personal point of view I am presently recovering from a recent medical procedure on my heart.

"For this reason, I am sad to say I will not attend the EGM to say my personal farewell and thanks to you and my many colleagues and friends in the National Federations.

"I have nothing but the highest regard for the tireless work you do every day, week and month to develop and promote your sport in Ireland.

"However, please be assured this will be done soon at the appropriate moment."

Hickey remains "temporarily self suspended" from his IOC and EOC positions, as well as his vice-presidency of the Association of National Olympic Committees.

It appears that he could still return to these roles if and when he is cleared of wrongdoing in the Brazilian investigation.