Mr Tucker is deputy governor for financial stability, a member of the Monetary Policy Committee and a member of the Prudential Regulation Authority board. He is also a member of the international G20 Financial Stability Board with incoming Bank of England governor Mark Carney.
Mr Tucker joined the Bank of England in 1980 as a graduate and was appointed deputy governor in 2009 for a five-year term which was due to end in February 2014.
The bank said he would provide support to Mr Carney for the first few months of his office following his arrival in July.
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Mr Tucker said: "It has been an extraordinary honour to serve at the Bank of England over the past thirty years. I am very proud that, through the Bank and the wider central banking community, I have been able to make a contribution to monetary and financial stability."
Outgoing Governor Sir Mervyn King said: "I have been privileged to have had Paul Tucker as a close colleague and Deputy during my time at the Bank and as Governor. Paul's contribution to the Bank, to monetary policy, and more generally to public policy, both in the UK and in the world as a whole has been enormous.
"Paul has more to contribute in the future and I am very pleased that he will support my successor, Mark Carney, as he settles into the Bank."
Andrew Tyrie, chairman of the Treasury Select Committee, said: "Paul Tucker has done an outstanding job, not least in helping shape the international framework for bank resolution, a vital part of the regulatory response to the crisis. He has also played a crucial role in making sure that the new regulatory system remedies a central weakness of the old and focuses on financial stability."

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