Britain's champion trainer Richard Hannon is to hand over his licence to his son Richard junior in the new year.

Roles will be reversed with the 68-year-old, who has been at the helm for 43 years, to assist his son from January 1.

"We thought long and hard as to when to make the announcement, but I wanted to make sure all my owners knew first, especially the Queen, and now that all the yearlings are in for next season it is the appropriate moment to let everyone know," Hannon said on the stable's website.

"Inevitably, people will say that I have retired, but I will still be up and out at first lot and assisting Richard instead of him assisting me."

Hannon, crowned champion trainer three times in the past four years, secured countless big-race victories, including three 2000 Guineas with Mon Fils, Don't Forget Me and Tirol.

He lifted the 1000 Guineas this year with Sky Lantern, ridden by Richard Hughes, his stable jockey and son-in-law.

Hannon began training in 1970 following the retirement of his father, Harry.

"I have been lucky enough to have trained some great horses," Hannon said.

"The first Classic winner is always special and I will never forget Mon Fils (1973) landing that Guineas, while Tirol and Don't Forget Me also have prominent places in the scrapbook, but there have been plenty of others, notably Canford Cliffs, Paco Boy, Toronado, Sky Lantern and Olympic Glory.

"However, we have one more roll of the dice this year, Sky Lantern in the Hong Kong Mile at Sha Tin on December 8."

"Then who knows Richard jnr might get off to a flying start by winning the 2000 Guineas with Toormore or one of the others. Now that would be the perfect lift-off, wouldn't it?"

Hannon famously saddled a winner for the Queen at Royal Ascot when Free Agent won the Chesham Stakes in 1999.

Harry Herbert, racing manager for Highclere Thoroughbred Racing, which has several horses with Hannon, is son of the late Lord Carnarvon, the Queen's former racing manager and owner of 1992 Nunthorpe Stakes winner Lyric Fantasy.

"My father bought a horse and rang me up at the sales one day and told me if I could find a trainer who would train it for nothing he would give them half of it," Herbert said.

"While I was on the phone I could see Richard Hannon so I went over and told him the proposition and he immediately accepted. So began a long friendship between my father and Richard and because of that the Queen had horses with him.

"His longevity is incredible, he trained his first 2000 Guineas winner in 1973 and has retired with one of the favourites for next year (Toormore) in his yard."