Voter surveys currently tip rightwing Republicans party candidate Francois Fillon to win the election, with the far-right National Front candidate Marine Le Pen seen as his closest challenger.
But with the full range of candidates still unknown and the role of independents such as 38-year-old ex-minister Emmanuel Macron difficult to predict, analysts urge caution about the forecasts.
Hollande’s withdrawal leads the field open for France’s divided ruling Socialist party which began accepting candidates today for a party primary race due on January 22 and 29.
Arnaud Montebourg, a leftist former economy minister, has already submitted his name while ambitious Prime Minister Manuel Valls would also be expected to run.
Hollande, who has some of the lowest approval ratings for a French president since World War II, came to power after defeating rightwing president Nicolas Sarkozy in 2012.
He took office promising to be “Mr Normal” after what were seen as the excesses of the years under Sarkozy, who married supermodel Carla Bruni and was often pictured with millionaire friends.
