Michel Platini will step aside from his official duties after he was suspended for 90 days by FIFA's ethics committee on Thursday, UEFA confirmed.
In a statement, European football's governing body said: "Michel Platini is currently suspended and will therefore not perform his officials duties for the time being. As such he did not attend the meeting of the UEFA executive committee today and has cancelled several official trips.
"UEFA is fully aware of its responsibilities under the relevant provisions of the statutes."
Michel Platini has promised to "staunchly" defend himself against claims of wrongdoing after he was suspended by Fifa for 90 days.
The 60-year-old president of Uefa branded the allegations "farcical" and "astonishingly vague", vowing to ensure that his "good faith prevails".
However, in his statement Platini conceded he did not believe the actions by Fifa's ethics committee to be politically motivated because of his candidature for the Fifa presidency.
Despite the farcical nature of these events, I refuse to believe that this is a political decision taken in haste in order to taint a lifelong devotee of the game or crush my candidacy for the FIFA presidency.
I want everyone to know my state of mind: more than a sense of injustice or a desire for revenge, I am driven by a profound feeling of staunch defiance. I am more determined than ever to defend myself before the relevant judicial bodies.
I want to reiterate in the strongest possible terms that I will devote myself to ensuring that my good faith prevails.
Greg Dyke has expressed sadness that corruption has dominated football in the wake of Sepp Blatter's suspension from Fifa.
"I think it was inevitable that Sepp Blatter would be suspended for something but It's a sad day for football that corruption dominates the headlines yet again," Greg Dyke told ITV News.
Dyke added he thought there would be many people pleased at the "final demise" of Blatter and thought it was "pretty obvious" that he would not survive the scandal.
"From the moment when the FBI got involved and knocked on all those doors, I think it was the beginning of the end for Sepp Blatter."
Regarding Michel Platini, Dyke said that if there was any evidence that showed Uefa's boss had committed wrongdoing, then the FA would not support his candidature for Fifa president.
European football's governing body UEFA has expressed its "full confidence" in Michael Platini.
UEFA's president has been suspended from all footballing activities for 90 days by Fifa as investigations into financial wrongdoings continue.
However, in a statement UEFA said it "saw no reason" for Platini to be replaced at the top of the Association and would "stand fully" beghind him.
In light of the events occurring today regarding UEFA President Michel Platini, the UEFA Executive Committee has taken the following decisions on 8 October.
An Emergency meeting of the UEFA Executive Committee will be convened in Nyon on Thursday, 15 October; in addition, all 54 member associations of UEFA will meet at UEFA Headquarters on the same day.
The UEFA Executive Committee saw no need, at this moment in time, to invoke Article 29(5) of the UEFA Statutes, pursuant to which the highest-ranking Vice-President of UEFA may step in to assume the powers and duties of the President in his absence.
This is because the UEFA Executive Committee is aware that the UEFA President will immediately take all necessary steps to appeal the decision of the FIFA Ethics Committee to clear his name. Furthermore, the UEFA Executive Committee stated that there must be a very rapid final decision on this matter before the relevant bodies, in the interests of both justice and football.
Finally, the UEFA Executive Committee expressed its full confidence in UEFA President, Michel Platini, and stands fully behind him.
The scandal enveloping world football's governing body dates back nearly five years.Read the full story ›
The International Olympic Committee has forcefully told Fifa to get its house in order in the wake of the latest suspensions.
The IOC said in a statement that football's governing body had to act urgently to address the "structural problem" in Fifa in order to restore stability and credibility".
Enough is enough. We hope that now, finally, everyone at FIFA has at last understood that they cannot continue to remain passive. They must act swiftly to regain credibility because you cannot forever dissociate the credibility of FIFA from the credibility of football.
FIFA must realise that this is now about more than just a list of candidates. This is also a structural problem and will not be solved simply by the election of a new President.
They must do two things immediately: they must accelerate and deepen the reform process in order to comply with accountability, transparency and all the principles of good governance, as expressed in our reform programme, Olympic Agenda 2020.
They should also be open for a credible external presidential candidate of high integrity, to accomplish the necessary reforms and bring back stability and credibility to FIFA'.
Fifa secretary-general Jerome Valcke has released a statement refuting all allegations against him in the wake of his 90-day suspension.
Jerome Valcke said he is "confident that when all the facts come out, it will be clear that he did absolutely nothing wrong".
Jerome Valcke has unequivocally denied the false allegation made against him. He is confident that when all the facts come out, it will be clear that he did absolutely nothing wrong or improper in carrying out his duties for the good of FIFA and the sport.
The FA has said it is awaiting the results of the investigation before dropping Michel Platini's bid to become the next Fifa President.
The FA said in a statement it is awaiting the results of the ethics inquiry and the investigation of the Swiss Atorney General.
It also said it is an "extremely disappointing day for football".
The FA committed this summer to supporting Mr Platini in his bid to become the next President of FIFA. At The FA Board meeting last week, we decided that remained our position while inquiries into certain allegations were being investigated.
We now await the results of both the Ethics Committee inquiry and the investigation of the Swiss Attorney General. We note that Mr Platini has issued a strong statement protesting his innocence.”
The statement adds that "our over-riding concern has always been for full and transparent reform as soon as possible and this remains The FA's priority", and that there are "key questions" that need to be answered.
The statement said that David Gill, the British member of the Fifa Executive, along with Wolfgang Niersbach, the German representative, have today called for an emergency meeting.
It said it also understands there will be a meeting of the 54 UEFA nations "as soon as next week".
Issa Hayatou will serve as Acting President of Fifa in the wake of the ban on Sepp Blatter.
Mr Hayatou is the longest-serving vice-president on Fifa’s Executive Committee and a former athlete.
As mandated by article 32 (6) of the Fifa Statutes, Issa Hayatou, as the longest-serving vice-president on FIFA’s Executive Committee, will serve as Acting President of FIFA.
Fifa President Sepp Blatter is "disappointed" by the decision, which he believes is based on a "misunderstanding".
His lawyers Lorenz Erni, Erni Brun Forrer (Zurich, Switzerland) and Richard Cullen, McGuireWoods LLP (Richmond, VA) have released a statement.
President Blatter was disappointed that the Ethics Committee did not follow the Code of Ethics and Disciplinary Code, both of which provide for an opportunity to be heard.
Further, the Ethics Committee based its decision on a misunderstanding of the actions of the Attorney General in Switzerland, which has opened an investigation but brought no charge against the President.
In fact, the prosecutors will be obliged by law to dismiss the case if their investigation, barely two weeks old, does not establish sufficient evidence. President Blatter looks forward to the opportunity to present evidence that will demonstrate that he did not engage in any misconduct, criminal or otherwise.