Shukla decided to quit in view of the recent controversies and the move is bound to have some impact on Srinivasan's continuance when the BCCI's all-powerful Working Committee meets in Chennai tomorrow.
The 53-year-old Shukla, who is also a Union Minister, had earlier indicated that he would not take up the position for a third successive term.
"I have decided to quit as IPL chairman. It is a decision which I was pondering over for some time. I think it is time to step down," Shukla told PTI.
"Sanjay Jagdale and Ajay Shirke resigned in the best interest of Indian cricket. I thought this is the right time," he said.
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Shukla, who took over as IPL chairman in 2011, said that the T20 event was going on fine till the spot-fixing scandal and other controversies broke out.
"I was given the task of IPL chairmanship which I tried to perform to the best of my abilities. The tournament was organized well despite all the controversies. The stadiums were jam-packed which proved that IPL was still popular," Shukla said.
"I have never hankered for any position in the BCCI. I will serve cricket in whatever role I am given," he said.
Shukla said it was important to restore the credibility of the IPL and ensure that the game was played in right spirit.
"Misdeeds of a few players and certain people cannot and should not bring bad name to hundreds of players who participated in the IPL with full honesty. The reputation of the IPL cannot be tarnished by a few greedy individuals," he said.