Donald Trump will withdraw from running his businesses to avoid any perception of conflict of interest when he becomes president.
The President-elect tweeted that while it was not a legal necessity, it was a "visually important" move.
He said he would be leaving his "great business in total to fully focus on running the country" and that "legal documents are being crafted which take me out of business operations".
"The Presidency is a far more important task!" he added.
Mr Trump said he would give more details at a "major news conference" on 15 December.
Critics had argued the billionaire could expose himself to potential conflicts of interest in his new job, such as when pursuing policies that affect corporations.
His business empire includes hotels, property and golf courses.
Mr Trump also announced more nominations for his cabinet on Wednesday.
Steven Mnuchin, a former executive at investment bank Goldman Sachs, has been put forward for secretary of the Treasury.
Billionaire Wilbur Ross, another former banker, is in line to be commerce secretary.
It follows the nomination yesterday of Georgia representative Tom Price as health secretary - a key post considering Mr Trump's pledge to replace President Barack Obama's signature Obamacare policy.
The key post as America's top diplomat is still up for grabs however, with Mr Trump still holding meetings to sound out candidates.
Mitt Romney is among those vying for the secretary of state post and last night met the President-elect for an intimate dinner.
The Republican, who called Mr Trump a "conman" and a "fraud" during the presidential campaign, emerged with a very different perspective after the pair feasted on a meal that included garlic soup with frogs legs.
"I had a wonderful evening with President-elect Trump," Mr Romney told reporters.
"We had another discussion about affairs throughout the world and these discussions I've had with him have been enlightening, and interesting, and engaging. I've enjoyed them very, very much."
He heaped more praise on his would-be boss's "message of inclusion" and said he had "increasing hope that President-elect Trump is the very man who can lead us".
Mr Trump had previously labelled Mr Romney a "loser" and "choke artist" after he failed in his own bid for the presidency in 2012.
However, former campaign manager Kellyanne Conway could be on a collision course with Mr Trump after saying in TV interviews that supporters would feel "betrayed" if Mr Romney got the job.