Tyson Fury has voluntarily vacated his WBO and WBA world heavyweight titles with immediate effect to fully focus on his medical treatment and recovery, the boxer has announced.
Fury recently withdrew from a rematch with Wladimir Klitschko for the second time after being declared "medically unfit".
The undefeated boxer reportedly failed a drugs test in the United States and he courted more controversy recently when he told Rolling Stone magazine in a recent interview he has "done lots of cocaine" in a bid to battle depression.
The British Boxing Board of Control were set to discuss removing Fury's licence on Wednesday, which would have seen him stripped of the belts, but the boxer has beaten them to the punch by vacating them voluntarily.
"I feel that it is only fair and right and for the good of boxing to keep the titles active and allow the other contenders to fight for the vacant belts that I proudly won and held as the undefeated heavyweight champion of the world when I defeated the long-standing champion Wladimir Klitschko," said Tyson in a statement.
"I won the titles in the ring and I believe that they should be lost in the ring, but I'm unable to defend at this time and I have taken the hard and emotional decision to now officially vacate my treasured world titles and wish the next in-line contenders all the very best as I now enter another big challenge in my life which I know, like against Klitschko, I will conquer."
The 28-year-old's promoter, Mick Hennessy, added: "Tyson will still be the lineal world heavyweight champion in everyone's eyes. He beat the most dominant champion in the modern era of boxing on an amazing night in Germany to earn that accolade and that will never change.
"Whilst it's heartbreaking to see Tyson vacate the world titles that he worked so long and hard for all his life, what's paramount now is that he receives the medical treatment along with the love of his family and friends and the support of the boxing world to make a full recovery."
Peter Fury, Tyson's uncle and trainer, said, "Tyson will be back stronger from this and I will make sure, no matter what we have to deal with, Tyson not only comes back but will reclaim what's rightfully his. I'm very proud of my nephew's achievements."
Fury's vacation is likely to expedite confirmation of a fight between Klitschko and Anthony Joshua for one or possibly both the newly-vacant titles.
Negotiations are ongoing between Klitschko and IBF championJoshua, with promoter Eddie Hearn hoping to get the fight on in December.
Fury had been given a deadline of October 17 to notify the WBO "why his title should not be vacated due to inactivity, breach of contract and performance-enhancing drugs and stimulants."
The WBA recently said Fury deserved a chance "to overcome this situation", but warned he could ultimately lose his title.
The BBBofC are due to announce their decision on removing Fury's licence on Thursday.