Platini told the chairman and general secretaries of UEFA's 54 member nations that he had decided not to stand against Blatter, who will be seeking a fifth term when the election is held next year.
"This is the decision I have made. I wanted to do what is best for UEFA," Platini said.
UEFA member Michel D'Hooghe, who also sits on the FIFA executive committees, told reporters: "It was a very positive meeting and I am very pleased with the outcome.”
"Mr Platini made it clear he has a very important job to do at UEFA and would remain as president and that decision has been warmly welcomed by everyone here,” he added.
The 59-year-old Platini's decision was greeted by applause from the delegates and D'Hooghe added: "We think it is the right decision and I am pleased that at this time there will be no conflict between UEFA and FIFA over the presidency."
The only candidate to so far declare his intention to run against Blatter is former FIFA deputy secretary general Jerome Champagne, 56, who announced his candidature in January.
Blatter was first elected as president in 1998 and possible candidates have until January to declare their intentions. 

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