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Mr Obama, who was elected president in 2008, insisted that the move would ultimately be the "correct thing for all parties" and would serve as a key decision that both he and right wing hawks could agree on.
"Throughout my presidency, I have made repeated attempts at appealing to not only fellow Democrats but legislators within the Republican Party. I believe that my resignation as commander-in-chief would go a long way to smoothing over tensions that exist across the party divide."
"As president, it is my job to make the tough decisions," he continued. "While I won't now get the chance to preside over some of the sweeping and progressive changes I'd promised, my decision to stand down will at least help millions of small-minded and deluded Republicans to move on with their lives."
The president's decision was met with derision by the Romney campaign, with one spokesman insisting that Obama was "simply trying to run away from the problems facing America."
"In making a decision like this, Obama is not showing the true leadership of a president. Choosing to walk away from the job at hand is just another sign of his cowardice. There are two things that our campaign hopes to achieve in November: first, stop Obama from getting re-elected; second, if this fails, we must veto his resignation. Period."
Meanwhile, in the event of Obama's resignation, it is unclear how Republicans will react to the eventuality of Joe Biden being sworn in as president.