Michael Vaughan today resigned as England captain, deciding he could no longer lead the team after they lost their first home Test series to South Africa since 1965 last night.

Paul Collingwood also stood down as the captain of the one-day squad. Reports suggest that Kevin Pietersen will fill the role in both forms of the game, but no announcement on the new captain has been made by the ECB.

"I've made the decision to stand down as England captain," Vaughan told a press conference as he fought back tears. "It's the hardest decision I've ever had to make but also the easiest.

"The hardest because I'm giving away the job I've loved for the last five years, one I've put my heart and soul into, but also the easiest because my mind has told me to pack it in.

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"I felt if I kept going my career could come to an abrupt end - hopefully, this can prolong my career.

"I will carry on playing because I think there are a lot more runs in me.

"This decision will prolong my career. I'm moving better than ever in the field so hopefully this decision will make my last few years a very exciting time."

Vaughan revealed he does not want to be considered for the final Test of the series to allow him time to mull over his future. "I will take a break from the game so I won't be playing at The Oval," the 33-year-old said.

"I wish I could have given it one more go. I've had five unbelievable years, felt the emotion of all the aspects of the captaincy, but I feel it's the right time to move forward with a new captain, a new direction. We've lost three big series and just think it is time for someone else to lead the team in a different direction.

"I really do believe these could be the best years of my playing career and I can go on and score plenty of runs. It is a difficult job but a fantastic job but not many people get to do it which is a real privilege. I've loved every minute of it.

"I think the decision came as a surprise to the players. Perhaps the one regret is that I didn't say it in front of all the players. I hope they all respect me but I hope they can understand it is the right move for me. I just kind of knew that it would be the right time to step down if this series ended in defeat.

"Obviously I am taking a break out of the game and then will come back and play for Yorkshire. This was an instinctive decision that this was the time to move on.

"I have some great memories - leading out my country for the first time and of course everything that happened in 2005 in the Ashes."

Hugh Morris, the ECB's managing director, hailed Vaughan's influence on England since he took charge of the team in 2003. "Michael led from the front and led with honesty and integrity every step of the way," Morris said.

"He took the England captaincy to new heights. Michael was the best possible ambassador for the game and his record as captain speaks volumes for the character he instilled in the dressing room."

Morris then revealed that Collingwood would be stepping down as captain of the one-day side. "Paul feels this is the best decision in terms of benefiting the England team and his contribution to the team," he said. "We are extremely grateful for way Paul led the one-day side since last year."

Of the decision over the new captain or captains, Morris added: "The selection committee is currently considering the squad and captain for the fourth Test and Natwest series. These squads, along with the captain, will be announced tomorrow."