He will leave the company after almost eight years in May when the publisher holds its annual general meeting.
Sly Bailey, chief executive of Trinity Mirror, said: "Victor has made a huge contribution to the success of Trinity Mirror. He has been an outstanding chairman. It was Victor who cleared the way to create the UK's largest newspaper publisher, which commands more than 250 titles."
Confirmation of his departure comes as bookmakers are tipping private equity firm Candover as leading the pack in the race to buy the Daily Mirror following Blank's departure.
While no mention was made of a possible sell-off, Blank did say in a statement that the Trinity Mirror management team are "are fully focused on the delivery of the options for growth".
"Our newspapers are part of our heritage and the opportunities presented by emerging technologies are enormous. Trinity Mirror has the strategies in place to capture and exploit them," Blank said.
Bookie Paddy Power has made former bidders Candover the 2/1 favourite, having coveted the paper several times before. Apax Partners, which Candover teamed up with for another bid, is second favourite at 7/2.
While at Trinity Mirror, Blank has long been an opponent of the newspaper firm selling off its national titles and instead focusing on its more profitable regional newspaper business.
With Blank out of the way, Trinity Mirror's national newspapers, which also include the Sunday Mirror and The People, could be put up for sale.
According to Paddy Power, former editor Piers Morgan and former owners The Maxwell family are the outsiders at 500/1 and 1,000/1, respectively.
The odds follow the news this morning that Blank could be heading to high street bank Lloyds TSB as chairman.
Who will buy the Daily Mirror?
2/1 Candover
7/2 Apax Partners
4/1 Mecom
5/1 Axel Springer
7/1 Cinven
8/1 CVC
8/1 Providence
25/1 Rupert Murdoch
500/1 Piers Morgan
1,000/1 The Maxwells
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