Fifa says a presidential election will be held on 26 February 2016 to elect a successor to Sepp Blatter.
The announcement came as the executive committee of world football's governing body met in Zurich. It is the first time it has met since seven officials were arrested in May as part of an American investigation into alleged corruption and bribery.
Michel Platini has been described as a "product of the system" by one his fellow Fifa presidency candidates.
Chung Mong-Joon, a former Fifa vice-president from South Korea, confirmed he would challenge for football's top job last week.
A long-time critic of outgoing president Sepp Blatter, Chung has called for a non-European to be elected president.
He told BBC's World Football programme: "It will be very difficult for Mr Platini to have any meaningful reforms. Mr Platini enjoys institutional support from the current structure of Fifa. Mr Platini is very much a product of the current system.
"It is time that Fifa had a non-European leadership. Fifa became a closed organisation for President Blatter, his associates and his cronies and I want to change that.
"If I get elected, my job is not to enjoy the luxury of the office. My job is to change it."
Michel Platini has formally announced that he intends to stand for the Fifa presidency when Sepp Blatter vacates the position
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FIFA says a presidential election will be held in February 2016 to elect a successor to Sepp Blatter - here's the men in line to replace him