Lerner took control at Villa Park in 2006 after a �62.6m takeover ($105.7 million).

"I owe it to Villa to move on, and look for fresh, invigorated leadership, if in my heart I feel I can no longer do the job," he said in a statement.

Villa struggled in the 2013-14 season, finishing 15th in the Premier League, just five points above the relegation places.

The announcement from Lerner was widely expected after he said last month he would address speculation about his future after the end of the season.

The status of Villa manager Paul Lambert hangs in the balance.