Sethi, presently a senior member of the Board and head of its executive committee, said the withdrawal is with immediate effect.
"Since the ICC announcement that from next year the post of ICC president will be open only to iconic Test cricketers nominated by member Boards, I have increasingly felt that it is only fitting that this rule should be implemented straightaway so that one of Pakistan's great iconic cricketers should be so honoured," he wrote, in a letter to ICC chairman Narayanswami Srinivasan.
"Under the circumstances, I am withdrawing my nomination to ICC presidency with immediate effect and requesting the Board of Governors of the Pakistan Cricket Board to nominate a great Pakistani ex-Test cricketer in my place.
"I apologise for this belated decision and any inconvenience caused to the ICC. But I am sure all ICC members will appreciate the spirit in which I have taken this decision," Sethi added.
Sethi was slated to take over as ICC president later this month at the world body's annual meeting in Barbados, replacing Bangladesh's Mustafa Kamal, who resigned earlier this year owing to differences with Srinivasan.
PCB sources said the Board is now considering several names for nomination in place of Sethi and all of them are former Test captains.
"At the moment Majid Khan and Zaheer Abbas appear front-runners. There was talk of inviting Rameez Raja to accept this position but he is tied up with his many media commitments," a source said.
Sethi’s decision to withdraw his nomination at such a late stage has prompted speculation as to whether there might be a change at the top of the PCB leadership.
Presently, Shaharyar Khan is heading the board but Sethi has always been seen as most likely to again head the PCB.
Image: Najam Sethi
Photograph: Getty Images