Mr Ross said he believed he would be in a position to announce the details of an inquiry on Friday.
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Ross said the events in South America had overshadowed the work of Irish Olympians.
About the pending inquiry, Mr Ross said the most important thing was that it was independent and he did not really care whether it was led by a Judge or a Senior Counsel.
Hickey was arrested on Wednesday under charges of ticket-touting, forming a cartel and illicit marketing but spent the evening in Hospital Samaritano after informing police of a heart condition.
Ross flew home six days ahead of schedule and is due to meet Attorney General Máire Whelan and government officials to discuss the inquiry.
The Sports Minister Shane Ross has all but ruled out an internal Olympic Council of Ireland (OCI) into an alleged ticket touting scandal in Brazil.
Referring to the recent legal email to Mr Hickey that suggested Minister Ross needed to be “put back in his box” he said that he “understood the assessment” but that it was “very unusual legal advice”.
“In light of this morning’s developments and his ill health, Mr Hickey has taken the decision to step aside temporarily as President of the OCI and all other Olympic functions (IOC member in Ireland, European Olympic Committee President, Association of National Olympic Committees Vice President) until this matter is fully resolved”, the OCI said in a brief statement.
“As far as we know we haven’t had any details what the charges [are]”, International Olympic Committee spokesman Mark Adams told reporters. Footage of the seconds which followed Mr Hickey’s arrest circulated widely in the hours afterwards.
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The OCI has rejected the claims of wrongdoing and said it would strongly fight the allegations.
