Sexwale made the announcement as he brought to an end his speech to the FIFA Congress in Zurich.
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The field was reduced when South African tycoon Tokyo Sexwale withdrew minutes before voting began.
“My candidacy ends today, I end my participation, I leave you four candidates…it’s your problem now”, stated Sexwale.
The candidates need a two-thirds majority to secure a first round win.
UEFA’s secretary general, Gianni Infantino, another leading candidate, highlighted his plan to send 25 percent of FIFA’s revenues to national associations.
If the election goes to a second round, only a simple majority of votes is needed for victory.
Two weeks ago, The Confederation of African Football (Caf) snubbed Sexwale, opting to throw its weight behind Sheikh Salman bin Ebrahim al Khalifa for Fifa president.
Those include preventing presidents from serving more than three four-year terms, reducing their powers and guaranteeing more independent oversight for FIFA’s decision-making and spending.
Sexwale’s chances of success were slim, ever since his home confederation, the Confederation of African Football, announced its intention to back Sheikh Salman.
Governing body of world football is set to elect a new leader on Friday in a bid to erect FIFA’s image post the downfall of former boss Sepp Blatter.
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The 62-year-old, who was imprisoned along with fellow apartheid campaigner Nelson Mandela at the notorious Robben Island jail, said: “I’m a candidate of consensus, I’m a candidate of unity”. Everything flared up with an unprecedented scandal on the morning of May 27, 2015, one day before the 65th FIFA Congress in Zurich, where seven of the organization’s high-ranking officials were arrested in Switzerland on bribery, money laundering and corruption charges.
