Angela Merkel is ready to serve her full term as German Chancellor but will not stand in the next parliamentary election, the DPA news agency reported on Monday, citing sources in Germany’s Christian Democratic Union (CDU).

According to the agency, the 64-year-old Merkel told a CDU leadership meeting that her current term as German chancellor would be her last as she did not intend to seek re-election.

In addition, Merkel also said that she did not plan to run for any positions in the European Union once her term in office expired in 2021.

Merkel has been serving as German chancellor since 2005. Earlier on Monday, the media reported that she was planning to step down as CDU leader following the party’s heavy losses in Sunday's regional election in the state of Hesse.

The next federal election in Germany is scheduled to take place in 2021.