Uli Hoeness has confirmed he is stepping down as president of Bundesliga giants Bayern Munich and will not stand for re-election in November.

The 67-year-old told German daily Bild at a golf tournament on Sunday that he will remain on the board at Bayern, “but will relinquish my presidency when the time comes”.

That means Bayern members will vote for a new head of the defending Bundesliga champions at the annual general meeting in November with Hoeness to step down as head of the club’s board.

After 40 hugely successful years in charge, Hoeness will hand over the reins and former Adidas boss Herbert Hainer, currently his deputy on the club’s board, is widely tipped as his successor.

Since Hoeness first took charge in 1979, Bayern have enjoyed phenomenal success — claiming the Bundesliga trophy 24 times, the German Cup on 14 occasions and lifted the Champions League trophy in 2001 and 2013.

After a knee injury forced the West Germany international into retirement, Hoeness became general manager in 1979 and was promoted to club president in 2009.

Bayern opened the new German league season on Friday with a disappointing 2-2 draw at home to Hertha Berlin as two Robert Lewandowski goals bailed the hosts out of trouble at the Allianz Arena.

However, reinforcements have been signed with both Brazilian midfielder Philippe Coutinho, from Barcelona, and forward Ivan Perisic, from Inter Milan, joining on loan deals.

Hoeness joined Bayern as a player in 1970, retiring nine years later to manage the club and has overseen its fortunes ever since — apart from two years in jail for tax evasion, from June 2014 to February 2016.