Team spokesman Kevin Gregg said Saturday night in an email that Lucchino hopes to remain with the club in some capacity. Gregg also said Sam Kennedy, the executive vice president and COO of the Red Sox, is Lucchino's choice to take over as president.
The Boston Herald first reported the move. Red Sox owner John Henry told the newspaper Lucchino is a "Hall of Fame" talent.
"We've won three world championships under his leadership and set the longest sellout streak in professional sports history," Henry said. "His accomplishments are many and will have a lasting impact."
Lucchino, 69, was part of the ownership group that purchased the Red Sox in 2002. Boston won the World Series two years later, and added two more titles in 2007 and 2013.
But the Red Sox finished last in the AL East last year, and began play Saturday in the same spot.
Lucchino said Kennedy "is an important part of this puzzle."
"He's been working for me for 20 years, right out of college," Lucchino told the Herald. "He's certainly my choice, as well as that of John and Tom (team chairman Tom Werner), to be promoted to the position of president."
Kennedy said it is a privilege to work for the Red Sox and thanked Henry and Werner for selecting him for the job.
"I grew up a mile from Fenway and I fully embrace the responsibility that will come with this opportunity," Kennedy told the paper. "I'm grateful to Larry for his mentorship and John and Tom for their confidence in me."