5:51 PM PT -- Will's resignation has been accepted by the Academy.
In a statement, Academy president David Rubin says ... "We have received and accepted Mr. Will Smith's immediate resignation from the Academy of Motion Picture Arts and Sciences."
Rubin adds ... "We will continue to move forward with our disciplinary proceedings against Mr. Smith for violations of the Academy's Standards of Conduct, in advance of our next scheduled board meeting on April 18."
Will Smith has resigned from the Academy of Motion Picture Arts and Sciences after slapping Chris Rock ... TMZ has confirmed.
Will wrote the following to the Academy's disciplinary committee ... "I will fully accept any and all consequences for my conduct. My actions at the 94th Academy Awards presentation were shocking, painful, and inexcusable."
He goes on ... "The list of those I have hurt is long and includes Chris, his family, many of my dear friends and loved ones, all those in attendance, and global audiences at home. I betrayed the trust of the Academy. I deprived other nominees and winners of their opportunity to celebrate and be celebrated for their extraordinary work. I am heartbroken."
And, there's more ... “I want to put the focus back on those who deserve attention for their achievements and allow the Academy to get back to the incredible work it does to support creativity and artistry in film. So, I am resigning from membership in the Academy of Motion Picture Arts and Sciences, and will accept any further consequences the board deems appropriate."
He concludes by saying ... “Change takes time and I am committed to doing the work to ensure that I never again allow violence to overtake reason.”
The Academy is expected to hand down its disciplinary decision in a few weeks.