English Football Association chairman Greg Dyke said Sepp Blatter's decision to stand down as FIFA president is "brilliant for world football".
Blatter's announcement comes after FIFA admitted it paid $10million dollars destined for the South Africa World Cup to an account controlled by the disgraced former vice-president Jack Warner. The payment followed a letter from the South African FA to FIFA secretary general Jerome Valcke.
Dyke said: "It is a good afternoon! I think it's brilliant for world football. This is the start of something new."
UEFA president Michel Platini, now one of the possible contenders, welcomed the announcement.
Platini said: "It was a difficult decision, a brave decision, and the right decision".
It is only five days since Blatter, 79, won a fifth term as FIFA president when Prince Ali Bin Al Hussein pulled out of the running in the second round of voting in Zurich.
However, after the development at a press conference yesterday, Dyke (left) said: "When I left on Friday I said 'this is not over' - but even I couldn't have thought it'd be over so soon.
"Why didn't he step down last week? Clearly there's a smoking gun of some sort. He's not been honourable in years. Now he's gone - let's celebrate.
"FIFA needs a root and branch examination, we need to know where the money is being spent. It's been a corrupt organisation for something like 30 years and at long last we've got a chance to change it.
"What matters is can we reform FIFA?"
On the organisation's next leader, Dyke continued: "They must have an impeccable character and be able to run an organisation where corruption has been rife for years...a lot of people could do the job."