Levy became the Spurs chairman in 2001 after purchasing a 27% stake in the club with business partner Joe Lewis, taking charge of day-to-day affairs, and they took full control six years later when they bought the remaining shares from former owner Alan Sugar for £25 million.
Under his stewardship, the club have regularly finished inside the top four of the Premier League and have enjoyed success in Europe, reaching the Champions League final and winning the Europa League.
They also moved into the brand new Tottenham Hotspur Stadium in 2019, now widely considered to be one of the best grounds in the world.
However, many fans have been critical of him in recent times, feeling he hasn't done enough to ensure the club have a squad good enough to compete for the biggest trophies.
“I am incredibly proud of the work I have done together with the executive team and all our employees. We have built this club into a global heavyweight competing at the highest level," Levy said.
"More than that, we have built a community. I was lucky enough to work with some of the greatest people in this sport, from the team at Lilywhite House and Hotspur Way to all the players and managers over the years.
“I wish to thank all the fans that have supported me over the years. It hasn’t always been an easy journey but significant progress has been made. I will continue to support this club passionately.”
He'll be replaced by Peter Charrington, who recently joined the board and will now take over as Non-Executive Chairman, a newly-created role.
“I am very honoured to become Non-Executive Chairman of this extraordinary Club and, on behalf of the Board, I would like to thank Daniel and his family for their commitment and loyalty to the Club over so many years," said Charrington.
“This is a new era of leadership for the club, on and off the pitch. I do recognise there has been a lot of change in recent months as we put in place new foundations for the future. We are now fully focused on stability and empowering our talented people across the Club, led by Vinai and his executive team.”
The club have clarified that there will be no changes to the ownership structure.