Thomas Bach, International Olympic Committee (IOC) President, told journalists attending the 128th IOC Session in Malaysia that Blatter had sent him a letter last month informing him that his mandate as FIFA President would come to an end on February 26, when FIFA would elect a new head.
For this reason, and because he was unable to attend the Session, Bach went on, Blatter did not think it appropriate that he be proposed for a new IOC mandate.
Bach told IOC members he had written to Blatter to "thank him for his outstanding service".
The 79-year-old Swiss national would, under normal circumstances, have relinquished his IOC membership at the end of next year, it being the end of the calendar year in which he will attain the age of 80.
Two other members are to leave the IOC at the end of this year having reached the maximum age-limit.
They are Colombia’s Andrés Botero Phillipsbourne, a member since 2007, and the United States' James Easton, who turned 80 last week and has been a member since 1994.
Easton was one of six IOC members nominated, and duly elected, as IOC honorary members as their terms reach an end.
The others were Zambia’s Patrick Chamunda, Uruguay’s Julio Maglione, Mexico’s Olegario Vázquez Raña, Greece’s Lambis Nikolaou and Russia’s Vitaly Smirnov, outgoing doyen of the IOC.
Blatter was not, however, among those so recognised.