insidethegames had reported last month the Frenchman was considering stepping down so he could devote his time to Paris 2024, where he is co-chairman of their campaign to host the Olympics for the first time in a 100 years. 

The 68-year-old Lapasset informed his the ruling Council of World Rugby of his decision earlier today.

"After careful consideration I have taken the decision not to seek a further term of office as chairman of World Rugby," he said.

"I feel that this is the right time for‎ me to complete my current term and pass on the ball to one of my superb colleagues."

An election to replace Lapasset is expected to be held at the World Rugby's headquarters in Dublin on May 11. 

Candidates have until March 12 to put forward their names.

The early favourite is former England captain Bill Beaumont, defeated by Lapasset 14-12 in the last election, held in Los Angeles in December 2011. 

Beaumont then lost his position as vice-chairman to Oregan Hoskins when, following two ballots which ended 13-13, Lapasset cast his deciding vote for the South African. 

Another candidate to stand to replace Lapasset could be Romania's Octavian Morariu, the chairman of Rugby Europe, who is a member of the International Olympic Committee. 

The only people eligible to stand are members of the World Rugby Council, a body made up of 27 men. 

Lapasset was elected to succeed Ireland's Syd Millar as head of the International Rugby Boardin October 2007 and assumed the President's role in January 2008.

Rebranding the governing to World Rugby in 2014 was one of several innovations overseen during Lapasset's Presidency.

Perhaps his greatest success was in 2009 leading the campaign that saw rugby sevens added to the programme for this year's Olympic Games in Rio de Janeiro. 

"Rugby has never been healthier and I am so proud of what we have achieved in growing the game around the globe, securing rugby sevens on the Olympic programme, staging wonderful tournaments, including Rugby World Cup 2015, taking the women's game to new levels and properly addressing key issues such as governance and player welfare," said Lapsset.

"I am proud of my time at the helm of World Rugby and excited by what lies ahead for our sport, including the debut of rugby sevens at Rio 2016."

It was Lapasset's second spell as chairman.

He had previously held the role in 1995 and 1996.

During this period he had presented the Rugby World Cup to Nelson Mandela after South Africa's victory in Johannesburg in 1995.

"My decision will allow me to stay connected to the game I love while now devoting more time to my role as co-chairman of the Paris 2024 Olympic and Paralympic Games bid," said Lapasset. 

"We are now entering into the heart of the campaign and nothing would give me greater pleasure than bringing the Games back to Paris ‎for a real centenary celebration of Olympism in 2024.

I hope to have the honour of being part of a successful bid from my home country, something that would be so special for me personally and for the people of France.”

World Rugby chief executive Brett Gosper led the tributes following the announcement.

"Bernard Lapasset is a wonderful ambassador for our sport, a great leader and a true visionary, who has presided over unparalleled growth and success in our sport," he said.

"Throughout his tenure, his passion and dedication has always been evident and he has always been a beacon for transparency, inclusivity and a champion of rugby's character-building values.

"He should be proud of where the sport is today and what World Rugby, its unions and the sport has achieved during his chairmanship.

"I know that I speak on behalf of the global rugby family when I thank him for his immense contribution and wish him all the very best when he begins a new and exciting chapter in his remarkable sporting life later this year.”

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