The German Social Democrat made the announcement to the press in Brussels.

Speculation that Schulz will return to German politics grew after the grand coalition government backed his party ally, Frank-Walter Steinmeier, as Germany’s next president.

The election is due in 2017.

German media have tipped Schulz as Steinmeier’s successor as foreign minister. (Euronews)

#Schulz "I will not stand for a third mandate as President of European Parliament, this was not an easy decision to take" live @euronews

— Catherine Hardy (@fernojay) 24 novembre 2016