The Football Association has issued a statement in the wake of the news that Roy Hodgson is stepping down from his post as England manager.

The governing body backed the 68-year-old's decision to resign following the Three Lions' 2-1 defeat to Iceland in Euro 2016 and expressed its disappointment at the team's failure to make it to the quarter-finals of the tournament.

"Like the nation, we are disappointed to lose this evening and that our run in Euro 2016 has come to a premature end. We had high hopes of progressing through to the latter stages of the competition and accept that we have not met our own expectations or those of the country," said the FA in a statement.

"We back Roy Hodgson's decision to step down as England manager and will discuss next steps imminently. For now, we congratulate Iceland for reaching the quarter-final and wish them well against France at the weekend.

"Finally, our sincere thanks go to the travelling fans for their incredible support tonight and to everyone back home for getting behind the team."

Bookmakers have installed England Under-21s manager Gareth Southgate as the favourite to succeed Hodgson in the role.