Jerry Colangelo is set to step down as USA Basketball chairman ©Getty Images

USA Basketball have announced Jerry Colangelo will step down from his post as the chairman of the organisation, after he decided not to seek a third term.

He became chairman in 2009 and following his re-election four-years later became the first to serve two full terms in charge of the body.

Colangelo leaves with the men’s, women’s, combined, boys and girls teams occupying top spot in the world rankings, with their senior sides having recently returned from the Rio 2016 Olympic Games where they earned both gold medals.

The United States are also men’s International Basketball Federation (FIBA) World Cup champions and the holders of the women’s FIBA World Championship.

Colangelo will continue as the managing director of the men’s national team, a role he has held since 2005.

His departure as chairman also coincides with five-time NBA champion Gregg Popovich of the San Antonio Spurs replacing Mike Krzyzewski as head coach of the men’s national team.

“Given the coaching change and the challenge of assembling a group of players for FIBA’s new competition schedule, this is a good time to devote my full attention to the men’s national team,” said Colangelo.

“As chairman of USA Basketball, I’m proud of what our teams at all levels have accomplished and how our players have embraced the responsibility of representing their country.

“I look forward to working with the next Chairman to ensure that we continue to honour and build on USA Basketball’s rich tradition.”

The United States won gold in the men's and women's basketball events at Rio 2016 ©Getty Images
The United States won gold in the men's and women's basketball events at Rio 2016 ©Getty Images

The election is due to take place on an annual meeting of USA Basketball’s board of directors on November 14.

Martin Dempsey, a retired general and a consultant to NBA commissioner Adam Silver, has been tipped as a potential replacement for Colangelo.

The new chairman will serve a four-year term.