The prince's decision was relayed to the media by Prime Minister Prayut Chan-o-cha, after an extraordinary meeting at Thailand's National Assembly.
"We are at the most important time. We need to do everything smoothly. I met Crown Prince today and he has been aware that he has been appointed as a successor up until now.
"But he needs time to jointly mourn with Thai people."
Prince Vajiralongkorn was named as successor to the throne on December 28, 1972.