The International Boxing Association (AIBA) are planning to discuss amending an eligibility rule at an Extraordinary Congress in the Olympic Capital Lausanne on June 1.

If the amendment is approved by AIBA's 197 Member Federations, it will open the door for any boxer to compete at Rio 2016 providing they have qualified.

Pacquiao, the sport's first and only eight-division world champion, has previously expressed an interest in fighting at the Olympics and claimed he had been personally invited by AIBA President C K Wu.

However, the 37-year-old, who was this month elected to the Philippines Senate, has today said he wants to focus on his political career instead.

Pacquiao was given a May 27 deadline by the Association of Boxing of Alliances of the Philippines to make a decision on whether he would compete in the Olympics.

He told AFP: "I have decided to prioritise my legislative duty as I owe it to the people who voted for me."

American promoter Bob Arum, who has branded the idea of allowing professional boxers to compete at Rio 2016 as "absolutely insane", welcomed Pacquiao's decision.

"He [Pacquiao] followed good advice," Arum, who has had a major influence on Pacquiao's career, told BoxingScene.com/Standard.

"It could have been terrible seeing him beat up 17-year-old kids."

Pacquiao, who starts his new job as senator on June 30, had previously stated his victory over the United States’ Timothy Bradley last month would be the last fight of his career so he could pursue his political ambitions.

But he said he could be tempted out of retirement for a shot at Olympic gold in Rio de Janeiro or a re-match with American Floyd Mayweather, whom he lost against in May of last year.

If he had chosen to compete at Rio 2016, Pacquiao would have offered the Philippines their best-ever opportunity to win their first Olympic gold medal.

He didn't compete in the Olympics as a youngster but did carry the Philippines' flag at the Opening Ceremony of Beijing 2008.

Meanwhile, the World Boxing Council (WBC) has confirmed that any WBC champion and any top 15 rated boxer in the WBC rankings who decides to participate in the Olympics will be banned from the WBC for two years.

The WBC has contacted International Olympic Committee (IOC) President Thomas Bach, reiterating "absolute rejection" to the proposal of having professional fighters compete at Rio 2016. 

The response from the IOC directed the WBC to contact AIBA.

WBC President Mauricio Sulaiman has thus sent a letter to AIBA counterpart Wu.

"If AIBA allows professional fighters without any restrictions or without evaluating the level of competition, it will be a high-risk decision that places the health and well-being of Olympic fighters in the hands of AIBA and in the hands of every single member of any national boxing commission voting in favour of having professionals compete in Rio 2016," read a WBC statement.

It continued: "All WBC champions and most of the top 15 rated fighters in the WBC will represent a very dangerous challenge to any Olympic boxer, due to the natural physical strength, experience and level of competition."

Former world heavyweight champion Mike Tyson has labelled the idea of professional boxers competing at the Olympic Games as "ridiculous" and "foolish". 

He has done so, however, for entirely opposite reasons to many other critics, claiming they would lose against amateurs.