His departure was announced on Thursday evening, with Peter Charrington set to become the new non-executive chairman.
This change is part of a series of summer appointments, including Thomas Frank as the new head coach, aimed at delivering long-term sporting success for the club.
Levy, the Premier League's longest-serving chairman, expressed pride in transforming the club into a global heavyweight and building a strong community.
Under Levy's leadership, Tottenham Hotspur consistently competed at a high level, including 18 European campaigns in 20 seasons, and developed a world-class stadium and training facilities, alongside a recent Europa League cup win.