Since taking on the job in 2013, New Zealander Schmidt has overseen the team's most successful period, winning three Six Nations titles, and enjoying victories over the All Blacks and a series triumph in Australia, among others.

"I have decided to finish coaching and will prioritise family commitments after the RWC (World Cup) in 2019," Schmidt said through an IRFU statement.

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"There are some inspiring challenges over the next 11 months so there's plenty of motivation for me to continue working hard, alongside the other management staff, so that the team can be as competitive as possible."

Ireland's coach Joe Schmidt checks out pitch conditions ahead of the rugby union test match between Ireland and New Zealand at the Aviva stadium in Dublin on November 17, 2018.

Image credit: Getty Images

IRFU chief executive Philip Browne hailed Schmidt's contribution after the 53-year-old was named 2018 World Rugby Coach of the Year on Sunday.

"Sport has the ability to lift people out of the day-to-day concerns of life and Joe, and his team, have provided historic moments of great joy, that will live long in the memories of everyone in the rugby family," Browne said.

"Of course, this is not yet the end, and we look forward an exciting and challenging 11 months for Irish Rugby during Joe's final Six Nations and the Rugby World Cup in Japan."

Former dual-code international Farrell also paid tribute to Schmidt, the Englishman saying it was a privilege to be considered for such a "prestigious role" at the world number two-ranked side.

Andy Farrell, (L) the Ireland defence coach talks to Jonathan Sexton during the Ireland captain's run at Twickenham Stadium on March 16, 2018 in London, England.

Image credit: Getty Images

"I have learned a lot from Joe over the past few seasons and I will continue to learn from him over the next year as the coaching group and players focus on competing in two huge tournaments in 2019," Farrell said.

Ireland begin the defence of their Six Nations title at home to England in February, before heading to the World Cup, where they have been drawn in Pool A with hosts Japan, Scotland, Russia and Samoa.

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