Uli Hoeness is to step down as Bayern Munich president but will stay on the club's board, the Bundesliga champions have confirmed.

Weeks of speculation have surrounded the future of the 67-year-old and it was confirmed on Thursday that he will not stand for re-election in November.

Herbert Hainer was nominated by Hoeness to take over and this decision has been unanimously backed by Bayern's advisory board.

Hoeness will remain in the post until the club's next annual general meeting, which is set for November 15.

Bayern confirmed in a statement that Hoeness "will continue as a member of the Supervisory Board for the duration of his appointment through November 2023".

Hoeness, who was a forward in his playing days, won a trio of Bundesliga titles and three European Cups with Bayern before taking up a backroom role after retirement.

In 2014, he served a jail term for tax evasion, but he was re-elected as Bayern's president after his release from prison three years ago.