Fifa President Sepp Blatter has the ball in his court now on whether he wants to stay on in his post until February next year, when he is due to step down, or, instead, make a voluntary exit with immediate effect.

All hell broke loose on Friday evening as Swiss authorities began an investigation against him on suspicion of "criminal mismanagement".

A source close to the world football governing body has told Reuters that although Blatter, who has been running Fifa since 1998, has not been charged or arrested on the allegations of making a "disloyal payment" to UEFA president Michel Platini, but it seems all is over for the Swiss football administrator now.

The source said: "It is over for him now, it is finished."

Frenchman Platini, who was the leading candidate to replace Blatter in February next year, meanwhile, brought out a statement saying that the money he received from the Fifa president "relates to work" he carried out, and he had also clarified the matter to the authorities.

"Regarding the payment that was made to me, I wish to state that this amount relates to work which I carried out under a contract with Fifa and I was pleased to have been able to clarify all matters relating to this with the authorities," Platini said in the statement.

Meanwhile, Fifa also issued a statement stating that they have been cooperating with the Office of the Swiss Attorney General (OAG) and "has complied with all requests for documents, data and other information."

Blatter has constantly denied any wrongdoing on his part, and his US lawyer, Richard Cullen, was also confident that the inquiry would clear Blatter.

"We are confident that when the Swiss authorities have a chance to review the documents and the evidence, they will see that the contract [with former Caribbean football chief Jack Warner in 2005] was properly prepared and negotiated by the appropriate staff members of Fifa who were routinely responsible for such contracts, and certainly no mismanagement occurred," Cullen said.

Blatter has been suspected of signing a contract with Warner which was "unfavourable to Fifa" and in doing so "violated his fiduciary duties and acted against the interest of Fifa..", the Swiss attorney general's office said in their statement.

Blatter was due to speak for the first time since his number two, Jerome Valcke, was suspended last week following accusations regarding ticket sales at the 2014 World Cup in Brazil. However, owing to the invesitgation, Fifa cancelled their press conference.

Meanwhile, Blatter could face a custodial sentence of up to five years depending on the circumstances of the offence, if he is convicted, according to the Swiss criminal code.